On January 23, 2025, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to...more
2/7/2025
/ Compensation & Benefits ,
Defined Benefit Plans ,
Employee Benefits ,
Income Taxes ,
IRS ,
Puerto Rico ,
Qualified Retirement Plans ,
Reporting Requirements ,
Retirement Plan ,
Tax Credits ,
Tax Planning
On January 31, 2024, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to...more
The Puerto Rico Department of the Treasury recently issued Internal Revenue Circular Letter No. 23-01 (CL IR 23-01) announcing the applicable 2023 limits for Puerto Rico qualified retirement plans. Pursuant to Section...more
On January 14, 2022, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 22-01 (CL IR 22-01) announcing the applicable 2022 limits for Puerto Rico qualified retirement plans. ...more
To combat exposure to COVID-19, Puerto Rico Governor Wanda Vázquez Garced issued Executive Order EO-2020-023 on March 15, 2020, ordering an island-wide lockdown and curfew. The restrictions have been extended several times....more
On February 20, 2020, the Puerto Rico Treasury Department (PR Treasury) issued Internal Revenue Circular Letter Number 20-09 (CC RI 20-09) to provide special rules and procedures applicable to distributions from qualified...more
2/24/2020
/ Distribution Rules ,
Earthquakes ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Natural Disasters ,
Puerto Rico ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax Planning ,
Withholding Requirements
On December 28, 2019, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 19-17 (CL IR 19-17) announcing the applicable limits for Puerto Rico qualified retirement plans for 2020....more
1/15/2020
/ Compensation & Benefits ,
Contribution Limits ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Puerto Rico ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax Deferral ,
Tax Liability ,
Tax Planning ,
U.S. Treasury