Publications

8 December 2021
On November 17, 2021, the Puerto Rico Treasury Department issued Administrative Determination 21-09 (AD 21-09), where it establishes the procedures that allow eligible taxpayers to claim carryback of net operating losses due to the COVID-19...
20 April 2021
In our March and April 2021 Tax Alerts, we analyzed the scope of the deadline extensions recently announced by the IRS and
24 March 2021
P.R. Treasury Department follows suit on federal decision to extend 2020 tax season deadlines On Wednesday, March 17, 2021, the IRS and U.S. Treasury Department announced the postponement of the deadlines for individual's 2020 income tax returns. In...
9 March 2021
Eligible individuals can claim their AOTC tax credit, of up to $1,000, through their 2020 tax return. The American Opportunity Tax Credit (AOTC) is an income tax credit for qualified education expenses paid to each eligible student for the first...
24 February 2021
Chapter 10 of the recently enacted Act 60 of 2019, known as "Puerto Rico Incentives Code," provides incentives for young entrepreneurs who are committed to establish successful business operations that would create jobs in Puerto Rico
12 February 2021
A second round of PPP loans was approved to provide additional assistance to individuals and businesses that have been financially impacted by the pandemic. It is currently available through March 31, 2021, and while generally the same terms and...
29 January 2021
The new regulation for Puerto Rico Incentives Code 9248 became effective on January 20th, 2021
20 January 2021
Puerto Rico State Department announced  a new amnesty for years before 2020 The new Secretary of State, Hon. Lawrence N. Seilhamer-Rodriguez announced on January 16, 2021, a new amnesty for fines and penalties related to annual reports and annual...
22 December 2020
A tax planning checklist for individual taxpayers With the 2021 tax season fast approaching, taxpayers need to start preparing for the season. There are certain things individual taxpayers can do before the end of the year to prepare and be ready to...

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