BDO TAX UPDATES

By Nelson R. Maldonado and Patricia Wangen | June 15 2020

Governor of Puerto Rico Enacts Second Round of Economic Relief Amid Pandemic

On June 14, 2020, the Governor of Puerto Rico signed into law House Bill No. 2468, also known as the “Complementary Act to Address the Impact of the Covid-19 Emergency on the Puerto Rico Economy” (“Act”), in response to the Covid-19 pandemic to bring additional economic relief to Puerto Rico.


By Patricia Wangen and Nelson R. Maldonado | May 14 2020

CHANGES BROUGHT BY ACT 40-2020 THAT IMPACT THE 2019 TAXABLE YEAR

On April 16th, 2020, the Governor of Puerto Rico signed into law Act No. 40 of 2020 (“Act 40-2020”) to, among other things, amend certain provisions of the Puerto Rico Internal Revenue Code (“PR IRC”). As we continue to study the amendments brought by Act 40-2020 to our tax...


By Dialy Otero | May 12 2020

Individuals might lose P.R. bona fide residency status during COVID-19 emergency

People across the world have been affected by the dislocation caused by the COVID-19 emergency.  Many individuals have left the Island or have been unable to return to P.R. during the past couple of weeks or even months. As a result, some individuals who expected to comply...


By Dialy Otero and Gaby Hernandez | May 06 2020

IRS Issues Cross-border Tax Guidance Related to Travel Disruptions Arising From COVID-19 Emergency

The Internal Revenue Service issued several revenue procedures providing tax relief to certain individuals and businesses affected by travel disruptions arising from the COVID-19 emergency. Said advice, we have confirmed, does not waive the minimum days of physical presence...


By Patricia Wangen and Nelson R. Maldonado | May 05 2020

Relief Over Distributions from Qualifying Retirement Plans

In the aftermath of the earthquakes experienced since December 2019, many Puerto Rico residents have been forced to incur unexpected expenses, causing financial hardship among Puerto Rican families. Pursuant to such hardship, on February 19, 2020, the Puerto Rico Department of...


By Nelson R. Maldonado | April 17 2020

IRS Amplifies Tax Relief

The Internal Revenue Service (“IRS”) issued Notice 2020-23 which amplifies the relief provided in Notice 2020-18, and Notice 2020-20, giving additional relief to affected taxpayers, postponing due dates with respect to certain government acts and postponing the application...


By Nelson R. Maldonado and Patricia Wangen | April 13 2020

Local Tax Authorities Extend Due Dates

Considering the ongoing Coronavirus (COVID-19) outbreak various local taxing authorities issued further guidelines to extend due dates for filing tax returns and/or remitting certain tax payments.


By Patricia Wangen and Nelson R. Maldonado | April 08 2020

CARES Act Economic Impact Payments

On March 30, 2020, the IRS announced that distribution of economic impact payments afforded under the Coronavirus Aid, Relief, and Economic Security Act (commonly known as CARES Act) will begin in the next 3 weeks and will be distributed automatically.


By Patricia Wangen and Nelson R. Maldonado | April 06 2020

IRS’ People First Initiative and measures taken as a result of COVID-19 crisis

The Internal Revenue Service (IRS) is currently working on different measures and new legislation in order to assist taxpayers by providing relief on a variety of issues that have risen due to COVID-19. As a result, it created the People First Initiative in order to provide...