On January 31, 2011, Puerto Rico enacted a new Internal Revenue Code (the “2011 Code”), which reformed the island's tax system, containing significant changes for individual and corporate taxpayers.
Even in an age of modern and high-tech communication, the most powerful and effective means of generating new business is word-of-mouth. People turn to trusted friends or colleagues for recommendations regarding product or service providers.
As you are preparing your 2011 Puerto Rico tax forms, you are probably wondering which deductions are still allowed and which were eliminated. Well, if you are used to making charitable donations, you’re in luck!