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Tax Season Tips for Small Business Owners

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

Hacienda eliminates B2B SUT for some PYMES

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

Special Withholding Rules for U.S. Federal Agencies with employees in Puerto Rico

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

PR Tax Changes 2019 – Employers Merchants

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

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