Publications Archive

  • Deadline Approaching for Filing Plan Restatements and Certain Specific Amendments

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

  • USCIS publishes revised Employment Eligibility Verification Form I-9

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

  • Significant Changes Related to the Family and Medical Leave Act

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

  • Proposed Changes to the Report of Foreign Bank and Financial Accounts

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

  • Governor enacts the Jobs Now Act

    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.

  • Regulation for the Interconnection of Generators to the Electrical Transmission and Subtransmission System

    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.

  • Act 154 Excise Tax Amended

    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

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

  • Excise Tax of Act 154-2010

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

  • Governor files Jobs Now Act

    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

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

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

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

  • New Taxpayer’s Representatives Services Office at PR Treasury

    New Taxpayer’s Representatives Services Office at PR Treasury

  • Inapplicability of the Closing Act to sales by invitation

    Inapplicability of the Closing Act to sales by invitation

  • Foreign Corrupt Practices Act

    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 PR Internal Revenue Code of 2011

    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

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

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

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

  • Treasury Clarifies Limit on Deductions for Contributions to Trusts Funding Qualified Defined Benefit Plans

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

  • McConnell Valdés LLC Receives Tax Firm Of the Year Award

    McConnell Valdés LLC Receives Tax Firm Of the Year Award

  • Recent Legislation Affecting Labor & Employment Law

    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

    New Exception to Alternative Minimum Tax on Corporations

  • Puerto Rico enacts a new Trusts Act

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

  • Administrative Determination 12-11

    Guidance Issued for Controlled Groups of Corporations Subject to Surtax

  • CRIM amends Regulation No. 7049

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

  • U.S.-Organized Political Action Committees Required to Registerand Report to Puerto Rico's Electoral Comptroller

    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

    Autonomous Municipalities Act Amended to Conform With Permitting Process Reform Act

  • Administrative Determination 12-10: Deductions Related to Autos

    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

    Act 128 eliminates Merchants and Businesses Mandatory Registry

  • Act 118: Sales and Use Tax Exemption for Churches and Religious Organizations

    Sales and Use Tax Exemption for Churches and Religious Organizations

  • ASUME issues notice to employers regarding child support payments

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

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

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

  • Two Bills in the Labor & Employment Law Area Approved

    Two Bills in the Labor & Employment Law Area Approved

  • Recent Developments in Labor and Employment Law

    Recent Developments in Labor and Employment Law: June 2012

  • Deadline Approaching for Plan Qualification Requirements under the 2011 PR Code

    Deadline Approaching for Plan Qualification Requirements under the 2011 PR Code

  • Act 103 Amends Puerto Rico Electric Power Authority’s Net Metering Program

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

  • Act 139: Municipalities Granted the Authority to Exempt Certain Businesses from Municipal Construction Excise Taxes.

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

  • Deadline Postponed for Displaying NLRB Poster

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

  • New Puerto Rico Moral Rights Act

    New Puerto Rico Moral Rights Act

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

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

  • PR Treasury issues guidance regarding Title I ERISA Plans

    PR Treasury issues guidance regarding Title I ERISA Plans

  • Related entities must request identification number in order to file 2011 income tax

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

  • Durable Power of Attorney Granted

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

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

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

  • Five-month grace period for filing missing Annual Reports

    Five-month grace period for filing missing Annual Reports

  • House Bill 2378: Incentive Plan on Amounts owed to the State Insurance Fund Corporation

    House Bill 2378: Incentive Plan on Amounts owed to the State Insurance Fund Corporation

  • e-Waste Recycling Act

    Puerto Rico Electronic Equipment Recycling and Disposal Act ("e-Waste Recycling Act")

  • New Income Tax Withholding Tables Issued for 2012

    Puerto Rico Treasury Department Issues New Income Tax Withholding Tables on Wages Paid in 2012

  • Transitory Income Tax Withholding Tables Issued for Wages Paid after December 31, 2010

    Transitory Income Tax Withholding Tables Issued for Wages Paid after December 31, 2010

The content of this McV Alert has been prepared for information purposes only. It is not intended as, and does not constitute, either legal advice or solicitation of any prospective client. An attorney-client relationship with McConnell Valdés LLC cannot be formed by reading or responding to this McV Alert. Such a relationship may be formed only by express agreement with McConnell Valdés LLC.

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