by Torres CPA Group
On January 1, 2022, the gradual increase on the state minimum wage began to be in effect. Law 47 of September 21, 2021 (Law 47-2021) establishes the following dates for its implementation: January 1, 2022: $8.50 per hour July 1, 2023: $9.50 per hour July...
by Torres CPA Group
Since the beginning of 2019, any person engaged in doing business in Puerto Rico and that pays for rendered services to another person must deduct and withhold 10% on income tax. The Internal Revenue Code also authorizes the Treasury Secretary to grant...
by Torres CPA Group
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 been discontinued as all tax debts are included within Model SC 2096-Debt Certification. All...
by Torres CPA Group
Through Executive Order of May 6, 2021, the Governor of Puerto Rico ordered the Disbursement Oversight Committee to authorize and supervise the procedure for the distribution and disbursement of the Coronavirus State and Local Fiscal Recovery Fund (CSFRF). The...
by Torres CPA Group
One of the responses of the Federal Government to deal with the financial difficulties caused by the pandemic was the approval of the “American Rescue Plan Act of 2021”, ARPA, that provides $350 billion of direct assistance to all USA states and territories. ...
