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Preparing for tax season is really a year-round endeavor. Tip number one for Small Business Owners (SMB) owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four…  Read more

It’s the line item most often left out of a small company’s budget: the business owner’s salary. Let’s face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. Even if you don’t need to earn a living – paying yourself can actually help your business…  Read more

The Puerto Rico Treasury Department (Hacienda) and has issued Circular Letter CCRI 19-05, to implement the elimination of the 4% Sales and Use Tax (SUT).  This will be applicable for PYMES with yearly gross revenues of $200,000.00 or less.   The exemption includes some designated professional services and other merchants. The 4% services SUT (IVU in spanish) is a tax applicable to designated professional services like CPA’s, lawyers, engineers, etc.  Amendments…  Read more

With this court ruling thousands of policyholders would still be able to review their claims for damages suffered under Hurricanes Irma and Maria.  More so it shows that there could still be thousands of unresolved claims even when statistics show otherwise.  Lots of work pending for insurance adjusters. Judge rules 1-year statute of limitation to file insurance claims in Puerto Rico is not final #insuranceclaims, #pubicadjuster #puertorico #negroncpa  Read more

Federal Employees, Taxes, and Puerto Rico Some Federal Agency employees, specially those that worked during the Hurricane Maria emergency, had local income taxes retained as part of their work in the island.  Must importantly they must file a tax return with the Commonwealth of Puerto Rico.  Do you need a CPA in Puerto Rico to take care of this matter? https://www.irs.gov/individuals/international-taxpayers/special-withholding-rules-for-us-federal-agency-employers-with-employees-in-cnmi-or-puerto-rico Contact us..  Read more

Ideally, you and your CPA are more than just “adviser” and “client”. With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners. The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask your CPA these four important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives to…  Read more

Trying to make it as simple as possible.  On December 10, 2018 the Governor of Puerto Rico signed Law Act 257-2018 to amend some of the provisions of the Puerto Rico Internal Revenue Code of 2011, as amended.  Act 257 introduces various changes to the current tax regime.  The information provided does not constitute a consultation, it’s just form informative purposes.  Below you will find a few highlights of the…  Read more

On December 10, 2018 the Governor of Puerto Rico signed Law Act 257-2018 to amend some of the provisions of the Puerto Rico Internal Revenue Code of 2011, as amended.  Act 257 introduces various changes to the current tax regime.  The information provided does not constitute a consultation from our CPA firm.  Highlights of the changes applicable to corporations are: Corporations Regular tax rate reduced to 18.5% (previously 20%) The…  Read more

PayPal is the world leading online payment service. You can transfer money to and from your bank account, pay for goods, and even receive payments worldwide. It’s a useful tool for entrepreneurs, freelancers, and even for personal use. However, it does have its drawbacks. PayPal takes a significant chunk of money when it comes to converting and billing international payments. You could end up losing about 5% of your cash…  Read more

According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one…  Read more

If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business. If you’ve been procrastinating on business insurance,…  Read more

Perhaps you’d always planned to build a thriving business to eventually sell for a tidy sum – or maybe for unexpected personal reasons it’s best to let your company go sooner rather than later. No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get…  Read more