By: Yaritza Portalatín-Méndez, Esq. The Treasury Department and the Internal Revenue Service have both postponed the 2020 individual income tax return due date for May 17, 2021. The IRS has ONLY extended the individual income tax returns. Filing deadlines for US Corporate Income Tax Returns (Form 1120), US Income Tax Returns for Estates and Trust
Read More...By Janira Beltrán-Sellés, Esq. & Xiomara Del Toro-Díaz, Esq., CPA Act 57-2020 granted a temporary exemption on the collection of sales and use taxes applicable to services rendered among merchants and designated professional services (4% IVU) invoiced during the months of April, May and June 2020. Said Act also granted the Secretary of Treasury the
Read More...By: Ilia Pellot-Juliá, Esq. As the Government of Puerto Rico issued Executive Order 2020-38 (EO 2020-38) of May 1st, 2020 to open more areas of our economy, the Department of Labor (DoL) has established the requisites the exempted businesses have to comply with prior to and during the operation of their respective businesses. As provided
Read More...By: Janira Beltrán-Sellés, Esq. & Yaritza Portalatín-Méndez, Esq. The recently enacted United States’ “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” can provide much needed relief for Puerto Rico small businesses who are struggling to continue their operations during the pandemic. We hereby highlight three important provisions of the CARES Act for
Read More...By Yaritza Portalatín-Méndez In order to cope with the economic hit caused by the current lockdown of Puerto Rico, Governor Wanda Vázquez Garced announced a new incentives plan known as the “Strategic Plan to Reactivate our Economy, Support and Protect our Workers”. The Strategic Plan aims to help workers and small and medium size businesses.
Read More...By: Yaritza Portalatín-Méndez, Esq. & Janira Beltrán-Sellés, Esq. Considering the Government Shutdown and Curfew mandated by Executive Order 2020-023, the Puerto Rico Department of Treasury has issued some additional extensions and determinations that modify some of the extensions outlined in Tax Headline 2020-02. We hereby summarize the changes: Tax Event, Form or Payment Due Extended
Read More...The Families First Coronavirus Response Act (the “Act”) was approved on March 18, 2020, taking effect from April 2 until December 31, 2020. Below is a summary of its provisions concerning Emergency Family Leave, Emergency Sick Leave and Employer Tax Credits. Emergency Family Leave The Act applies to employers with less than 500 employees. These
Read More...By: Yaritza Portalatín-Méndez, Esq. The Treasury Department and the Internal Revenue Service announced on March 21, 2020 that the federal income tax filing due date has been automatically extended from April 15, 2020, to July 15, 2020 without the need to file a request of extension. Taxpayers can also defer federal income tax payments due
Read More...By: Janira Beltrán-Sellés, Esq. & Yaritza Portalatín-Méndez, Esq. We trust that the COVID-19 pandemic is eradicated sooner than everyone expects. During the Government Shutdown and Curfew mandated by Executive Order 2020-023, our office continues to work remotely to make sure our clients’ tax and legal needs are met. The shutdown was implemented at the very
Read More...By: Yadira Portalatín-Méndez, CPA, Esq. & Janira Beltrán Sellés, Esq. On January 7, 2020 the Governor of Puerto Rico issued Executive Order OE-2020-01 declaring Puerto Rico in a state of emergency due to the earthquake of January 7, 2020 and the subsequent aftershocks. The Department of Treasury issued Circular Letter 20-02 on January 8, 2020
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