TAKE A CHANCE ON ME! Tax Planning During the Biden Administration
SO VERY HARD TO GO (NOT)! In Pursuit of Puerto Rican Tax Incentives
ISLA DEL ENCANTO - INTRODUCING BORICUA SPLIT DOLLAR
Isla del Encanto-Introducing Boricua Split Dollar
Puerto Rico has enacted a groundbreaking Lactation/Breastfeeding Code that consolidates in one statute the rights of breastfeeding employees and the responsibilities of employers across the Island. Signed into law on...more
On August 1, 2025, Governor Jennifer González signed Act 87-2025, titled, “Puerto Rico Lactation Code” (“Code” or “Act 87-2025”). The Code compiles all previously enacted breastfeeding-related laws into one (i.e.,...more
Vacationers are flocking to Puerto Rico this summer to see the island’s superstar reggaeton singer perform, and the potential economic boost is capturing the attention of many businesses. Whether your business is already...more
The Puerto Rico Supreme Court recently issued a decision reaffirming the importance of just cause for employment terminations in Puerto Rico. Méndez Ruiz v. Techno Plastics Industries, Inc., No. 2025 TSPR 68 (June 26, 2025)....more
Puerto Rico Governor Jeniffer González has signed Act No. 29-2025 into law, modifying the Act to Regulate the Breastfeeding or Breast Milk Extraction Period, as amended (“Act 427-2000”), which provides certain nursing...more
On June 23, 2025, Governor Jennifer González signed Act 29-2025, amending Puerto Rico’s Act 427-2000, “Act to Regulate Breastfeeding and Breast Milk Extraction Periods,” and strengthening protections for nursing employees....more
Puerto Rico has recently relaxed its requirements for remote work, implementing significant changes. The first set of changes occurred in 2022 with the enactment of Law 52-2022....more
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
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
On November 13, 2023, Puerto Rico Governor Pedro Pierluisi signed Act No. 129-2023, increasing the duration of maternity leave for government employees. The new Act amends various laws that regulate this leave in the public...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 June 20, 2022, Puerto Rico’s governor signed Act No. 41, which modifies several of Puerto Rico’s current employment statutory entitlements, providing greater employment benefits to employees in the private sector (the...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
On January 20, 2021, the Puerto Rico Department of the Treasury (Departamento de Hacienda, commonly known as “Hacienda”) issued Administrative Determination No. 21-01 (AD 21-01), which provides that lump-sum distributions...more
For a host of legal and practical reasons, the only feasible alternative for disposing of the accounts of missing participants in a terminating 401(k) or other defined contribution retirement plan qualified only in Puerto...more
With the fourth quarter of 2020 upon us, it is time to evaluate the year-end amendments that may be needed for retirement plans that are tax-qualified in Puerto Rico. Unlike the Internal Revenue Service, which each year...more
On July 1, 2020, the Puerto Rico State Insurance Fund Corporation (“SIF”) announced the automatic extension of the deadline for employers to file the Payroll Statement for fiscal year 2020-2021, from July 20 to August 4,...more
On June 23, 2020, the Puerto Rico Department of the Treasury (commonly known by its Spanish-language name, Departamento de Hacienda de Puerto Rico, or Hacienda) issued Circular Letter of Internal Revenue No. 20-29 (CL 20-29),...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
Seyfarth Synopsis: The Puerto Rico Department of the Treasury (“PR Treasury”) recently announced the limits that apply to Puerto Rico qualified retirement plans in 2020. These limits may look familiar because the PR Code...more
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
On December 31, 2018, the Puerto Rico Department of the Treasury (PR Treasury) issued Internal Revenue Informative Bulletin No. 18-24 (IB 18-24) announcing the 2019 applicable limits for Puerto Rico qualified retirement...more
Last year, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination Number 17-29 (“AD 17-29”) to provide rules and procedures for allowing distributions from an IRA or a Puerto Rico...more
On December 15, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Tax Policy Circular Letter No. 17-02 (“CL 7-02”) announcing the 2018 applicable contribution limits for qualified retirement plans....more