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
Guides. Our commentary on the Employment sector in Puerto Rico provides professional insight on local law and regulations, legal risks for employers doing business in Puerto Rico, best practices, cross-jurisdictional issues, and more. Read our chapter for more commentary on the legal issues surrounding employment in Puerto Rico.
On August 1, 2023, the United States Citizenship and Immigration Services (“USCIS”) published a revised version of Form I-9. After October 31, 2023, all employers must use the latest version of Form I-9 to verify the identity and employment eligibility of all new hires, and/or for the reverification of expiring employment authorization of current employees (if applicable). After October 31, 2023, previous versions of Form I-9 will not be accepted, and failure to use the revised Form I-9 may result in penalties. A revised Spanish Form I-9 dated August 1, 2023 is available for use in Puerto Rico only.
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.
On May 11, 2023, at 4:30pm, Mariel Y. Haack, Shareholder of AMG’s Labor and Employment Department, will participate as a speaker at the 2023 Puerto Rico HotelierCon, sponsored by the Puerto Rico Tourism Company. Mariel will discuss how to approach mental health in the workplace from a legal perspective.
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.
This Court’s decision is not final yet. According to some government spokespersons, including the Secretary of Labor and Human Resources of Puerto Rico, they are analyzing the legal grounds that support the decision and will determine if the best course of action is to appeal. However, given this swift action and decisive language used by the Court, in addition to the good track record of the Board in PROMESA cases, it is likely that the decision will be upheld. Moreover, the least that is needed at this moment is further confusion and instability from a government appeal.