The Puerto Rico Department of Labor and Human Resources has announced that in an effort to improve services and reduce public expenses, all employers will be required to submit their unemployment tax returns electronically starting April 1, 2019.
On March 4, 2019, the U.S. Supreme Court held in BNSF Railway Co. v. Loos that a railroad’s payment to an employee for work time lost due to an on-the-job injury is taxable compensation under the Railroad Retirement Tax Act (RRTA).
On December 31, 2018, the Puerto Rico Department of the Treasury issued Internal Revenue Informative Bulletin No. 18-24, announcing the 2019 applicable limits for Puerto Rico qualified retirement plans.
On November 1, 2018, the Internal Revenue Service (IRS) announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2019 tax year.
On October 22, 2018, the Puerto Rico Department of the Treasury issued Publication 18-03, which makes tax reporting and tax deadline changes for certain severance payments.
Those who find their livelihoods threatened by disruptive technologies have long rallied against those new innovations, finding an ally in governments willing to slow adoption.
On September 24, 2018, the IRS issued updated guidance in Notice 2018-71 on Internal Revenue Code section 45S, the business tax credit for employers that provide paid family and medical leave.
The PR Treasury has extended the period allowing Puerto Rico residents impacted by Hurricane Maria to make distributions from qualified retirement plans and IRAs at a preferential tax rate.
