On December 10, 2018, Law No. 257, known as the “Tax Reform”, was approved. It has brought significant changes in the items to be
In response to multiple requests from employers that wish to obtain the benefit for the retention of employees post the 2017 hurricanes, the
By means of an administrative order, the Secretary of Labor and Human Resources (DLUR) postpones the beginning of the obligation for electronically filing the
The Treasury Department (TD) revises and publishes the new versions of the Withholdings Vouchers and of the Informative Declarations that must be submitted annually
By means of Executive Order 2018-033 (OE-2018-033), the Governor of Puerto Rico established the minimum wage of $15.00 per hour for employees that work in
EMPLOYEE RETENTION CREDIT The Employee Retention Credit provides a federal tax credit to employers that continued to pay their employees during the periods on which
Disability Insurance tax is imposed on the first $9,000 of wages and salaries paid during the calendar year. This provides compensation to workers for loss
Disability Insurance tax is imposed on the first $9,000 of wages and salaries paid during the calendar year. This provides compensation to workers for loss
Each employer must pay the Puerto Rico Unemployment tax on the first $7,000 of annual wages paid and may be credited against the Federal Unemployment
An employer is required to withhold income tax at source on salaries and wages paid to its employees performing services in Puerto Rico. The withholding
The Federal Unemployment Tax Act provisions also apply in Puerto Rico. The tax is imposed on persons who employ one or more individuals for a
United States provisions of the FICA or Social Security and Medicare requirements are applicable to Puerto Rico employers and employees as well. The employee tax
An employer is a person or organization for whom a worker performs services as an employee. Employers are required to withhold, report, and pay employment
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.
