Law 257 of December 10, 2018 (Law 257-2018) established a new Earned Income Credit (EIC) for individuals that have lived in Puerto Rico for the
On January 1, 2022, the gradual increase of the state minimum wage began to be in effect. Law 47 of September 21, 2021 (Law
Since the beginning of 2019, any person engaged in doing business in Puerto Rico and paying for rendered services to another person must deduct and
The Treasury Department (TD) issued Internal Revenue Informative Bulletin 21-06 to inform that the Model SC 2921-Debt Certification on Sales and Use Tax has
Through Executive Order of May 6, 2021, the Governor of Puerto Rico ordered the Disbursement Oversight Committee to authorize and supervise the procedure for
One of the responses of the Federal Government to deal with the financial difficulties caused by the pandemic was the approval of the “American
The requisite of submitting Audited Financial Statements depends on the business volume that a taxpayer has produced during the tax year for which they
The Treasury Department (TD) annually revises and publishes a new version of the Withholding Vouchers and Informative Declarations that are required to be submitted
By means of Notice 2020-18, The Secretary of the Treasury has determined that any person with a Federal income tax payment or a Federal
The coronavirus outbreak has brought economic consequences that have shaken world markets of basic products and subsequently interrupted the supply networks that are the
In response to the Governor of Puerto Rico’s announcement on exempting from the collection of Sales and Use Tax (SUT) on Basic Necessities, the
On March 12, 2020, the Governor of Puerto Rico issued Executive Order No. OE-2020-020 to declare a state of emergency on the imminent impact
IMPORTANT NOTE: The information that follows is only a summary of the notice sent by the IRS. We encourage you to contact TCG so
The Treasury Department recently issued its Internal Revenue Circular Letter 19-17 (CC RI 19-17) to inform on the limits that apply to qualified retirement
The Treasury Department (TD) issued its Internal Revenue Circular Letter No. 19-14 (CC RI 19-04) to inform on the content and procedures related to
Exemption of Payment of SUT on Prepared Foods Due to the Recent Seismic Activity in Puerto Rico Due to the state of emergency caused
In response to the state of emergency declared by the Governor of Puerto Rico due to the earthquakes of January 2020, the Treasury Department
Law 60 of July 1, 2019, Law 60-2019, stipulates that any entity that either provides or pays for telecommunications, internet, satellite, or cable TV
Since the beginning of 2019, any person engaged in doing business in Puerto Rico and that pays for rendered services to another person must
The Internal Revenue Code establishes that any taxable item purchased for official business by government agencies or departments may be exempt from paying Sales
In its Administrative Determination No. 19-07, the Treasury Department (TD) explains penalties to be imposed on merchants for not complying with the requirements of
Torres CPA Group is ready to provide valuable assistance in a timely, professional manner. Clients rely on us for a wide variety of financial services carried out by experts who are specialists in their fields. Our industry knowledge and dedication to customer service have allowed to us to grow along with our clients.
