Publications Archive

Treasury further extends deadline to file request for waiver for Gross Receipts Tax until January 31, 2014 , issues Administrative Determination 13-21.

Act No. 145-2013 amends the Municipal Property Tax Act of 1991. 

McConnell Valdés provides more than 1,700 hours of free legal services during the Firm's 2012-13 fiscal year; associates and paralegals who worked 25 hours or more recognized.

Act No. 136-2013 amends the Municipal Property Tax Act of 1991

New Guidance on AUPs For Waiver of AMT and Expense Disallowance Due To Related Party Transactions Extension to File Request for Waiver for Gross Receipts Tax

House Bill 1568 proposes to postpone the reduction in SUT rate until February 1, 2014.

Puerto Rico Treasury Department Activates Merchandise Declaration Process at the Ports of Entry

Businesses and Lawyers Need to be Careful when Conducting Confidential Investigations and Interviewing Employees

Regulation 8391 amends certain provisions of Regulation 7970 of December 29, 2010, which implemented the guidelines of Sections 2101, 2102, 2103 and 2104 of the Puerto Rico Internal Revenue Code of 1994.

Several technical amendments made to the new tax measures enacted on June 30, 2013 by the approval of Act 40-2013.

Puerto Rico Department of Labor issues protocol to implement PR Act 22; Federal Department of Labor publishes regulations to improve job opportunities for veterans and for individual with disabilities.

The Puerto Rico Department of Health publishes draft regulation that would impose a licensing and registration requirement on entities engaged in the manufacture, sale and distribution of medical devices in Puerto Rico.

DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit Plans

Act 107 prohibits employers from using genetic information in making employment decisions.

Circular Letter No. 13-15 establishes procedures to claim the sales and use tax exemption on eligible articles acquired by exempt businesses holding a tax concession issued under the Puerto Rico Tourism Development Acts.

Act 40 excluded various services from the sales and use tax business-to-business exemption.

Summary of some of the Internal Revenue Informative Bulletins, Circular Letters and Administrative Determinations issued by P.R. Treasury since the enactment of Act 40, Act 42 and Act 46.

The Firm was ranked “Band 1”, the highest classification, in all six of the practice areas evaluated by Chambers & Partners: Corporate, Dispute Resolution, Bankruptcy, Environmental, Intellectual Property Labor & Employment, Real Estate and Tax. Twenty six of the Firm’s attorneys, the highest number of any Puerto Rico law firm, were recognized as Leaders in their Field.

U.S. Department of Labor announces amendments to the regulations that implement the Vietnam Era Veterans’ Readjustment Assistance Act and Section 503 of the Rehabilitation Act.

The Puerto Rico Electric Power Authority approves the Regulation for the Interconnection of Generators to the Electrical Transmission and Subtransmission System under the Net Metering Program.

Act 50 Establishes Preferential Rate for Electric Services provided to PRASA

Puerto Rico Treasury Department extends due date for taxpayers to file the Informative Return.

Puerto Rico’s Energy Policy Comprehensively Restructured

New Puerto Rico Taxes: House Bills 1073, 1172 and 991 signed into Law

Puerto Rico State Department issued Circular Letter  2013-03 clarifying the date of presentation of declaration of first use filed with intent to use.

Municipal Revenue Collection Center establishes the applicable period of the automatic extension of time for Limited Liability Companies to file the personal property tax return.

US Court of Appeals Vacates Rule Requiring Employers to Display Poster Regarding Employee Rights to Organize Unions; Governor García-Padilla Signs Law Prohibiting  Employment Discrimination on the Basis of Sexual Orientation and/or Gender Identity

Circular Letter No. 13-02 further extends due date for sponsors of qualified plans to adopt the amendments required under the Puerto Rico Internal Revenue Code of 2011.

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