Commencing on January 1st, 2024, corporations and limited liability companies (“LLCs”) organized in any State of the United States (“US”), as well as foreign corporations and LLCs authorized to do business in the US, must file a beneficial ownership information (“BOI”) report with the Financial Crimes Enforcement Network, a bureau of the US Department of the Treasury (“FinCen”), as required by the Corporate Transparency Act.READ MORE
The concept of a disregarded entity was unknown for Puerto Rico income tax purposes until last year when it was introduced to the Puerto Rico Internal Revenue Code of 2011, as amended (the “PR Code”) by Act No. 52 of June 30, 2022. By contrast, for United States income tax purposes, the disregarded entity tax treatment has been available since the late 1990s. The questions and answers in this article discuss the main topics related to disregarded entities for Puerto Rico income tax purposes.
Puerto Rico resident individuals that have a financial interest in financial accounts held outside of Puerto Rico (or the United States) with a balance over $10,000 during the previous taxable year must report such foreign financial accounts in their Puerto Rico income tax returns, commencing with the return due on April 17, 2023.
The Complementary Act to Counter the Effects on Puerto Rico's Economy caused by the Covid-19 Emergency, signed by the Governor on June 14, 2020 (Act 57-2020), incorporates certain permanent and temporary tax measures