At the end of December each year, the Treasury Department (TD) automatically issues partial and total waivers from the 7% withholding. Individuals or entities
By means of its Internal Revenue Circular Letter No. 18-13 (CC RI 18-13), the Treasury Department (TD) informs that from December 10, 2018, all
Property owners that rent a space for ninety (90) consecutive days or less must charge a tax equal to 7% of the room rate as
By means of Executive Order 2018-033 (OE-2018-033), the Governor of Puerto Rico established the minimum wage of $15.00 per hour for employees that work in
EMPLOYEE RETENTION CREDIT The Employee Retention Credit provides a federal tax credit to employers that continued to pay their employees during the periods on which
IN ORDER TO MEET YOUR EXPECTATIONS, WE ARE FORWARDING YOU OUR TAX INSTRUCTIONS FOR THE SEASON. Download Survey Here Completing the survey could result in
Reduce risks and prevent fraud All entities should implement an adequate Internal Control System, the most appropriate way of not exposing themselves to the risk
Workmen’s Compensation Insurance provides compensation for accidents incidental to or as a consequence of employment. This is a compulsory insurance that is obtained from the
Use and Maintenance of Vehicles Doctors and Agents’ Operation under a Corporation PR IRS Debt Payment Plans Pension Plan Deductions Limits Employee Reimbursement Mathematical Error
Withholding to Resident Recipients Payments made by any person in a business in excess of $1,500 to another person (individual or entity) for services performed
Business entities that on January 1 own personal property used to conduct business in Puerto Rico are subject to the personal property tax in the
Businesses in Puerto Rico are normally subject to payment of municipal license taxes. For non-financial businesses, such tax may be as high as 0.5% (1/2
Sales and Use Taxes (SUT) A Sale and Use Tax of eleven and a half percent (11.5%) (SUT) applies on sales of tangible personal property,
Starting a New Business in Puerto Rico A newly organized or registered business in Puerto Rico must comply with the requirements of different government agencies.
Torres CPA Group is ready to provide valuable assistance in a timely, professional manner. Clients rely on us for a wide variety of financial services carried out by experts who are specialists in their fields. Our industry knowledge and dedication to customer service have allowed to us to grow along with our clients.
