Do you know the importance of filing all the required Informative Declarations for Tax year 2023 if you are an employee? The Deadline for 480’s to be filed is February 28, 2024. (Forms 480 – Forms 1099 equivalents). Any person who credits or makes payments of $500 and over during the tax year 2023 and who …
If you enjoy the island life and wish to save money for your business, Puerto Rico’s Act 60 offers a whole lot of incentive. Export Incentives With an established qualifying business, owners can enjoy tax benefits: Your business model must be solid and focus on exporting services outside of Puerto Rico. The business owner must …
Does the business need to move to Puerto Rico? Yes, because the work needs to be performed in Puerto Rico to receive the tax advantages. To accomplish this, there are two conditions where one needs met: After you have relocated or moved your qualifying business, you can now obtain the tax exemption decree. The business …
Business Moving to Puerto Rico & Getting the Tax Exemption Read More »
There is more than year-round beach weather that draws Americans to Puerto Rico. The tax incentives under Act 60 are very attractive to move for. But moving from the US to Puerto Rico is not as simple as 123. It is a complicated process that you should be prepared for. Criminal Background Check Before you …
In Preparation to Move for the Act 60 Tax Benefits Read More »
The enticing tax incentives offered under Puerto Rico’s Act 60 come with some requirements. To enjoy the tax benefits, three residency tests must be passed that are known as the Bona Fide Residency Tests: presence test, tax home test, and closer connection test. Before the IRS will allow the reduced Act 60 rates, you must …
Passing the Puerto Rican Bona Fide Residency Tests Read More »
A Brief History Lesson: Previously known as Act 22 or the “Individual Investors Act,” Puerto Rico enacted this law on January 17th, 2012. Much like its counterpart for businesses (Act 20), Act 22 was created to stimulate economic growth—but focused on empty nesters, investors, retirees, and higher net-worth individuals. Act 22 provided 0% capital gains …
Navigating the Investor Resident Individual Tax Incentive Read More »
A Brief History Lesson on Act 60 January 17th of 2012 the Puerto Rican government enacted Act 20 called the “Export Services Act.” Created to help stimulate and accelerate the economic recovery of Puerto Rico, Act 20 attracted new business and employment opportunities. Service businesses from accounting to legal services to consulting firms could qualify for …
