Compliance

Puerto Rican residents to report their Foreign Financial Accounts (“FFA”)

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The Law 52-2022 added Section 1061.25 to the Puerto Rico Internal Revenue Code of 2011, as amended (“Code”), to require all Puerto Rican residents to report their Foreign Financial Accounts (“FFA”) in which they have a financial interest. This requirement became effective starting in the tax year 2022. The Puerto Rico Department of Treasury (“Department”) …

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New registration requirement for all existing and new entities

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The Corporate Transparency Act (CTA) became federal law in the United States on January 1, 2024. This legislation requires certain companies to provide detailed information to the United States Department of the Treasury about individuals who hold ultimate control over the entity, whether directly or indirectly. The CTA has a clear purpose: to combat practices …

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Best practices to comply with the presence test

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Here are some best practices to comply with the presence test: If you follow these best practices, you will be more likely to meet the presence test and be considered a resident of the state or territory where you want to live. Here are some additional tips: If you are considering relocating to Puerto Rico, …

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Act 60 for Export Services & Commerce and for Individual Investors (formerly Acts 20/22)

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We have a strong practice in Act 60 for Export Services & Commerce and for Individual Investors (formerly Acts 20/22). We counsel and advise clients who are seeking to relocate to Puerto Rico to benefit from these tax incentives. Act 60 is a law that provides tax benefits for businesses and individuals who relocate to …

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What are the best practices to comply with the Tax Home Test

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Here are some best practices to comply with the Tax Home Test: If you follow these best practices, you will be more likely to meet the Tax Home Test and be considered a resident of the state or territory where you work. Here are some additional tips: If you are considering relocating to Puerto Rico, …

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What are the best practices to comply with the Closer Connection Test

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Here are some best practices to comply with the Closer Connection Test: If you follow these best practices, you will be more likely to meet the Closer Connection Test and be considered a resident of the state with which you have a closer connection. Here are some additional tips: If you are considering relocating to …

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