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.
Hurricane Harvey is relentlessly drenching southeast Texas and the surrounding areas, resulting in unprecedented flooding and damage. As the storm rages, many employers are wondering how to respond and what happens next.
A New York agency has issued much-needed guidance regarding the tax treatment of deductions from employee wages used to finance paid family leave premiums, and the tax treatment of paid family leave benefits to be received by eligible employees.
The Puerto Rico Department of the Treasury issued Tax Policy Circular Letter No. 16-08 on December 23, 2016, establishing new rules regarding the validity of, and request for, retirement plan qualification letters.
On December 8, 2016, the Puerto Rico Department of the Treasury issued its Tax Policy Circular Letter No. 16-07 (“CL 16-07”), announcing the applicable limits for 2017 for qualified retirement plans.
Pursuant to the current income tax withholding rules issued by the Puerto Rico Department of the Treasury, there are specific income tax withholding rules applicable when a Christmas bonus is paid, which differ from those applicable to regular wages.
The IRS is inviting comments on several new compliance questions contained in the 2015 IRS Form 5500/5500-SF, the annual report filed by retirement plans with the DOL and the IRS.
