On November 15, 2017, the Puerto Rico Treasury issued Administrative Determination Number 17-29 to provide special rules and procedures applicable to distributions from qualified retirement plans and IRAs following Hurricane María.
On January 1, 2018, and throughout the coming year, employers across the nation will confront a host of new or amended federal, state, and/or local laws.
In a short published opinion, the Ninth Circuit held a federal district court may award a “tax consequence adjustment” or “gross up” for receipt of a back pay award given in one lump sum.
The Governor of Puerto Rico has signed an order authorizing the establishment of tax rules for distributions from qualified retirement plans and IRAs following Hurricane Maria and other natural disasters.
On October 24, 2017, Puerto Rico's Secretary of the Department of Labor and Human Resources issued an Administrative Order granting an automatic extension for all employers required to file a Quarterly Unemployment and Disability Tax Report.
On October 19, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2018 tax year.
In order to assist in rebuilding and recovery following Hurricane Maria, Puerto Rico’s governor and several agencies have issued multiple exemptions to previously established rules for operations, as well as extensions to multiple deadlines.
On October 4, 2017, the Puerto Rico Department of the Treasury issued Administrative Determination No. 17-21 granting temporary income tax exemptions for employer-provided payments and certain benefits related to Hurricane Maria relief.
