Publications Archive

Circular Letter of Tax Policy 16-07 Notifies Cost-of-Living Adjustments Announced by IRS

The United States Citizenship and Immigration Services (“USCIS”) issues revised Form I-9 (Employment Eligibility Verification)

President Obama appoints PROMESA Board Members

Victory in Discriminatory Alternative Minimun Tax

Act 133-2016 Brings Important Changes to the Net Metering Program, and Paves the Way for Community Solar and Microgrids

McConnell Valdés' Hospitality, Tax and Government Affairs groups work on conceptualizing and drafting Act 137-2016, the Tourism Industry Support Act of 2016.

Adoption of Regulation No. 8750 for the Certification of Operators of Water and Wastewater Systems and/or Treatment Plants

Approval of PREPA Revitalization Corporation’s Transition Charges

PR Treasury Issues Guidance for Requesting an Additional Extension of the 6% SUT for Pre-Existing Agreements

Recent Developments Regarding the Value Added Tax, Forms and Procedures

Puerto Rico Treasury Exempts Employee Benefit Trusts from the Requirement of Annual Filing of Form 480.7(OE) and Repeals Circular Letter 12-02

The U.S. Department of the Treasury and Department of Commerce issued additional amendments to the Cuban Assets Control Regulations and Export Administration Regulations.

The Puerto Rico Treasury Department issues Tax Policy Informative Bulletin No. 16-08 to announce that a new version of Form 480.7(OE), Informative Return for Income Tax Exempt Organizations has been issued for taxable years 2015 and thereafter.

New Types of Corporate Entities Authorized under Puerto Rico General Corporations Act

Implementation of the Value Added Tax (“VAT”) Postponed until June 1, 2016

Act 254 to Regulate the Nursing Profession in Puerto Rico

Administrative Determination 16-01 Provides Guidance on the Transition to the Value Added Tax

Reminder to Sponsors of PR Qualified Retirement Plans who adopted Plan Restatements and Qualification Amendments during 2015

On January 25, 2016, the Puerto Rico Supreme Court revoked the Puerto Rico Appellate Court and reinstated the Judgment issued by the Court of First Instance favoring the employee’s exercise of her breastfeeding rights. The Court had to interpret the employer’s duty to provide an employee who is breastfeeding an adequate place where she could express breast milk during the periods allowed by law.

Act 247-2015 aims to promote the use of reusable bags and prohibits retail stores and other commercial establishments, as of December 24, 2016, from providing plastic bags to customers.

The U.S. Departments of the Treasury and the Department of Commerce issued additional amendments to the Cuban Assets Control Regulations and Export Administration Regulations, which went into effect on January 27, 2016.

Amendment allows non-exempt employees to use up to five sick leave days to take care of sick or convalescent family members.

Administrative Determination 15-25 provides guidance on sales and use tax reporting; Administrative Determination 15-26 establishes effective date for VAT provisions.

Circular Letter of Tax Policy 15-16 notifies the cost-of-living adjustments announced by the IRS for taxable year 2016 that will apply to retirement plans qualified under the provisions of Section 1081.01 of the Puerto Rico Internal Revenue Code of 2011.

For the second time this year, McV attorneys Antonio Escudero-Viera, Miguel Rivera-Arce and Lillian Toro-Mojica will offer a series of talks on legal topics relevant to nonprofit organizations that have recently received grants from the Fundación Angel Ramos.

On October 30, 2015, Governor Alejandro García Padilla signed an Executive Order banning the use of plastic bags as part of his commitment to the conservation of natural resources. The effective date of the prohibition is July 1, 2016.