Publications Archive

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

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