Puerto Rico

An eight-year transition period for U.S. tax-qualified retirement plans covering Puerto Rico residents is set to end in 2015.  Employers that cover Puerto Rico residents under U.S. tax-qualified plans should consider spinning off the Puerto Rico portion of the plan in 2015, to avoid subjecting Puerto Rico residents to U.S. federal income tax.


Continue Reading Action Required for Retirement Plans Covering Puerto Rico Residents

In a welcome development for employers working to maintain tax-qualified retirement plans for their employees in Puerto Rico, the Puerto Rico Department of Treasury (the “Hacienda”) last week issued Circular Letter No. 12-09, extending two important deadlines:

  • The deadline for amending plans to comply with the Puerto Rico Internal Revenue Code of 2011 (“2011