It is presumed that an individual is a resident of Puerto Rico if the individual has been present in Puerto Rico for a period of 183 days during a calendar year. #NewsismyBusiness
The Instituto del Desarrollo de la Juventud developed the tool to better understand families living in poverty. #NewsismyBusiness
The Consumer X-Ray also revealed that average monthly spending on food purchases stayed flat when compared to 2023. #NewsismyBusiness
Free assistance is being offered to file for higher EITC and CTC. #NewsIsMyBusiness
Amendments aim to benefit the middle class and businesses, as well as simplify the filing process.
The island is the “least free” jurisdiction in the United States.
This year’s filing deadline is April 18, 2022.
If during tax year 2020 you moved to or from Puerto Rico, you should know that there are several factors that determine whether the move will imply that you will become a resident or if you will no longer be a resident of Puerto Rico for tax purposes. The definition of residence in the Puerto […]
The Puerto Rico Treasury Department has asked its federal counterpart to clarify whether a new regulation under consideration concerning credits granted for taxes paid by corporations doing business abroad would apply to Puerto Rico. In a letter sent to US Treasury Secretary Janet Yellen, the local government asked for the proposed “Guidance Related to the […]
The head of the Puerto Rico Telecommunications Alliance, Felipe Hernández, called on lawmakers to hold public hearings on House Bill 1333, which the group claims would increase the internet and cellular service bills for local consumers and could bankrupt nearly 100 Puerto Rican small businesses that serve more than 300,000 subscribers. Hernández demanded that House […]
Gov. Wanda Vázquez signed into law a bill presenting several amendments to the Puerto Rico Tax Reform passed last year that will benefit taxpayers, entrepreneurs and seniors. Law 40-2020, grants an additional 3% reduction for taxpayers whose gross income does not exceed $100,000; eliminates the tax on the provision of services rendered to other businesses […]
Puerto Rico Treasury Secretary Francisco Parés-Alicea issued a call to self-employed individuals and services companies to review the “Optional Contribution” as an alternative when filing this year’s tax return. “This is one of the major changes approved in the 2018 Tax Reform and an alternative that could facilitate compliance with tax obligations in a simpler […]
Gov. Ricardo Rosselló has signed Act 60-2019, known as the “Puerto Rico Incentives Code,” which will establish a new process for granting and overseeing all of the government’s allocated incentives. Among the new incentives is the Student Savings Plan Program through which the government will establish an account and deposit $1,000 for each kindergarten student […]
https://media.blubrry.com/dollarsandsensenewsismybusines/newsismybusiness.com/wp-content/uploads/2019/04/NIMB-Podcast-S1E11_mixdown.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | RSSCPA Rubén Rodríguez, a member of the Puerto Rico Society of CPAs, and expert on the topic of Individual Retirement Accounts (IRAs), discusses their benefits to taxpayers in Puerto Rico in our latest podcast episode.
As Tax Day 2019 swiftly approaches, numerous entrepreneurs are seeing new benefits from the Tax Cuts & Jobs Act, enabling them to grow their ventures and hire additional staff. I recently co-hosted the White House Manufacturing Roundtable at which about 20 small business owners discussed the resurgence of manufacturing in the chemical, construction, consumer goods, […]
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