Taxation is far from being the most exciting part of your freelancing business. As a matter of fact, it is a very dull, boring, time-consuming, frustrating and expensive part of your life.
Every U.S. citizen is subject to the provisions of the United States Internal Revenue Code ("USIRC") regardless of their place of work or residence. Since people born in Puerto Rico are U.S. citizens, they are subject to the provisions of the USIRC.
On Thursday, News is my Business obtained a copy of the notice the Internal Revenue Service sent to the government of Puerto Rico with regards to the federal credit granted for the 4 percent excise tax that went into effect in January.