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
The coronavirus outbreak has brought economic consequences that have shaken world markets of basic products and subsequently interrupted the supply networks that are the
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
In response to the state of emergency declared by the Governor of Puerto Rico due to the earthquakes of January 2020, the Treasury Department
Since the beginning of 2019, any person engaged in doing business in Puerto Rico and that pays for rendered services to another person must
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
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
The Treasury Department (TD) annually revises and publishes a new version of the Withholding Statements and Informative Declarations that are required to be submitted
From July 2, 2019 until October 15, 2019, any person 65 years or older may request two (2) compensatory refundable tax credits by informed the
The Treasury Department (TD) recently announced the extension to request and claim benefits to employers who retained their employees despite the fact that their
By means of Municipal Ordinance No. 23-2018-2019 Series, the city of San Juan establishes a special amnesty period for the payment of Municipal SUT
According to what is established by the Puerto Rico Internal Revenue Code that exempts school uniforms and supplies from paying Sales and Use Tax
On its Internal Revenue Circular Letter No. 19-10 (CC RI 19-10), the Treasury Department informs on the rules, procedures, and dates on which both
Double Taxation Dividends Conventional wisdom dictates that most companies should be carried out as pass-through entities because that avoided the dreaded double taxation
Moving to Puerto Rico does nothing to shelter previous appreciation/loss capital gains/loss Determining how to split a capital gain between appreciation/loss that happened
(Versión en español “Radicación Planillas Corporativas para el año 2018”) The Treasury Department (TD) annually issues Form 480.2, “Income Tax for Corporations” (Corporate Tax Return)
In this issue: We list the exceptions for which certain taxpayers must file their tax return on paper. In addition, we describe the process
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.
