Publications Archive

Important developments in the Employee Benefits area regarding Circular Letter No. 12-09; Puerto Rico’s Tax Amnesty Program; and PBGC's withdrawal of Opinion Letters 77-172 and 85-19.

New and Increased Taxes Proposed to Reduce Puerto Rico Government's Budget Deficit

Act 12-2013 enacted to establish a tax amnesty program where payment of interest, penalties and surcharges related to certain tax liabilities is waived. 

Informative Bulletin No.13-05 announces improvements to  electronic preparation and filing of Form 499 R-1B.

Sponsors of Qualified Retirement Plans Required to File with Treasury Plan Restatements and Certain Specific Amendments to Meet New Tax Qualification Requirements

All employers required to complete Form I-9 for every employee hired in the United States and Puerto Rico.

U.S. Department of Labor makes various important announcements.

Financial Crimes Enforcement Network (“FinCen”) publishes for comment its proposed update to the Report of Foreign Bank and Financial Accounts Form.

Governor Alejandro García-Padilla sigs into law the “Jobs Now Act” (“Ley de Empleos Ahora”) with the goal of creating 50,000 new jobs in 18 months.

Puerto Rico Electric Power Authority publishes for comment its proposed Regulation for the Interconnection of Generators to the Electrical Transmission and Subtransmission System under the Net Metering Program.

Governor García-Padilla signs Act No.2 to amend Sections 2101 and 2102 of the Puerto Rico Internal Revenue Code of 1994.

Severance Pay in Connection with a Reduction in Force not Subject to FICA

Bill to Amend the Excise Tax of Act 154-2010 presented.

Governor Alejandro García-Padilla files Act with the goal of creating 50,000 new jobs in 18 months.

PR Treasury Clarifies Rules of Taxation Applicable to Distributions made by Retirement Plans

Revised Article 9 of the Uniform Commercial Code (UCC) Becomes Effective

New Taxpayer’s Representatives Services Office at PR Treasury

Inapplicability of the Closing Act to sales by invitation

New Guide on U.S. Foreign Corrupt Practices Act Released

Extension of Time to Adopt Retirement Plan Amendments and to File Requests for Qualification under the Puerto Rico Internal Revenue Code of 201

Puerto Rico’s political landscape changes dramatically; transition process underway

PR Treasury Issues Circular Letter to Establish Dollar Limitations for Qualified Retirement Plans

Treasury Clarifies Limit on Deductions for Contributions to Trusts Funding Qualified Define

McConnell Valdés LLC Receives Tax Firm Of the Year Award

Labor Legislation Update: Bill 2160 extends protections of Act No. 100 to military status;  Bill 2381 proposing income tax exemption for severance indemnity payments vetoed.

New Exception to Alternative Minimum Tax on Corporations

Act 219-2012 creates a new trusts regime for Puerto Rico

Guidance Issued for Controlled Groups of Corporations Subject to Surtax

Municipal Revenues Collection Center (CRIM) amends Regulation No. 7049 regarding Foreign Trade Zones

U.S.-Organized Political Action Committees Required to  Register with and Report to Puerto Rico's Electoral Comptroller

Autonomous Municipalities Act Amended to Conform With Permitting Process Reform Act

Actual Expenses for the Deduction Related to the Use and Maintenance of Automobiles Allowed until December 31, 2012

Act 128 eliminates Merchants and Businesses Mandatory Registry

Sales and Use Tax Exemption for Churches and Religious Organizations

Administration for Child Support Enforcement ("ASUME") issues notice to employers regarding child support payments

U.S. Supreme Court's Upholds Affordable Care Act

Two Bills in the Labor & Employment Law Area Approved

Recent Developments in Labor and Employment Law: June 2012

Deadline Approaching for Plan Qualification Requirements under the 2011 PR Code

Act No. 103 Amends Puerto Rico Electric Power Authority's Net Metering Program

Municipalities Granted the Authority to Exempt Certain Businesses from Municipal Construction Excise Taxes.

Federal Court Postpones Deadline for Private Employers to Display NLRB Poster
Regarding Employee Rights to Organize Unions

New Puerto Rico Moral Rights Act

Rules to Request Retroactive Tax Exemption by Not-for-Profit Organizations Published

PR Treasury issues guidance regarding Title I ERISA Plans

Groups of related entities must request identification number in order to file 2011 income tax

Civil Code of Puerto Rico ammended to allow granting of  Durable Power
of Attorney

: Major Overhaul of Puerto Rico Commercial Transactions Act (UCC)

Five-month grace period for filing missing Annual Reports