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Employers Have Until January 5, 2018 To Submit Comments On Proposed Regulation Implementing Puerto Rico's Working Hours And Days Act
On December 6, 2017, the Puerto Rico Secretary of the Department of Labor and Human Resources ("Secretary") published the proposed Regulation to Administer Act No. 379 of May 15, 1948 ...
Puerto Rico
13 Dec 2017
Treasury Department Issues Post-Hurricane Rules For Qualified Retirement Plan And IRA Distributions And Loans
The PR Treasury, in accordance with EO 2017-067, issued AD 17-29 establishing such rules and procedures.
Puerto Rico
23 Nov 2017
Puerto Rico Secretary Of Labor Issues Opinion Regarding Allowed Payroll Deductions Following Hurricanes Irma And María
On November 10, 2017, Puerto Rico's Secretary of the Department of Labor and Human Resources ("Secretary") issued Opinion No. 2017-002 ("Opinion") ...
Puerto Rico
17 Nov 2017
Puerto Rico Governor Signs Executive Order Authorizing Rules For Retirement Plan And IRA Distributions In The Wake Of Recent Natural Disasters
On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 ("EO 2017-067") authorizing the Secretary of the Department of the Treasury (the "PR Treasury") ...
Puerto Rico
16 Nov 2017
Puerto Rico's New Post-Hurricane Guidance: A How-To on Paying Exempt And Non-Exempt Workers
Conversely, an exempt employee who does not carry out any work during a given week would not be entitled to receive any of his or her weekly salary.
Puerto Rico
8 Nov 2017
Puerto Rico Secretary Of Labor And Human Resources Issues New Guidelines Governing Payment Of The Christmas Bonus
The Secretary of the Puerto Rico Department of Labor and Human Resources ("PR DOL") has issued a new regulation, effective October 18, 2017, to administer Puerto Rico's Christmas Bonus...
Puerto Rico
31 Oct 2017
Puerto Rico Secretary Of Labor Issues Opinion Regarding Employee Compensation Following Hurricanes Irma And María
In the Opinion, the Secretary explains that pursuant to the federal Fair Labor Standards Act (FLSA), non-exempt employees are entitled to compensation for hours worked only.
Puerto Rico
24 Oct 2017
Hurricane Maria's Aftermath, Part II: Puerto Rico Government Provides Various Exemptions And Extensions To Multiple Upcoming Deadlines
Given the scope of the damage caused by María, it is likely that additional exemptions and extensions will be approved in the coming weeks and months.
Puerto Rico
23 Oct 2017
Employers Helping Employees—Are Disaster Relief Payments And Loans Exempt From Puerto Rico Income Tax?
With the havoc wrought by Hurricane Maria in Puerto Rico, employers are exploring options to provide emergency relief to those employees who have encountered financial hardship to meet their necessities ...
Puerto Rico
18 Oct 2017
Hurricane Maria's Aftermath: Highlights Of Available Government Assistance For Puerto Rico Residents
This article highlights different sources of assistance available to Puerto Rico residents in the aftermath of the hurricane.
Puerto Rico
17 Oct 2017
Puerto Rico Department Of The Treasury Grants Temporary Tax Exemptions For Employer-Provided Payments And Certain Benefits To Employees Related To Hurricane Maria Relief
On October 4, 2017, the Puerto Rico Department of the Treasury issued Administrative Determination No. 17-21 granting temporary income tax exemptions for payments and certain benefits ...
Puerto Rico
12 Oct 2017
Puerto Rico
29 Sep 2017
Puerto Rico Legislation May Require Changes To Retirement Plans
Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement plans.
Puerto Rico
3 May 2017
First Circuit Provides Clarity To Puerto Rico Creditors Seeking Relief
The First Circuit's recent opinion on the Puerto Rico Oversight, Management, and Economic Stability Act outlines initial guidelines for possible future actions against the Puerto Rican government...
Puerto Rico
7 Mar 2017
Puerto Rico Treasury Issues New Guidance On Rules And Procedures For Qualification Of Retirement Plans
As with the Previous Guidance, qualification amendments may be adopted through a plan restatement or a separate plan amendment.
Puerto Rico
6 Feb 2017
Is Renewable Energy In Puerto Rico Back On Your Radar?
Renewable energy deal discussions centered on projects in Puerto Rico have been difficult – particularly for project owners – over the past few years.
Puerto Rico
2 Sep 2016
First Circuit Declares Puerto Rico Alternative Minimum Tax Unconstitutional
The AMT is a tax equal to the amount by which a corporate taxpayers tentative minimum tax exceeds its regular tax on income.
Puerto Rico
30 Aug 2016
Puerto Rico Financial Oversight Law Enacted
Stephen Selbst authored an article for Bloomberg BNA's Bankruptcy Law Reporter regarding recently enacted legislation to address Puerto Rico's municipal debt crisis.
Puerto Rico
22 Aug 2016
PROMESA—Energy In Puerto Rico Amidst The Debt Crisis
Renewable energy industry participants are hungrily eyeing the tiny U.S. commonwealth of Puerto Rico, trying to determine whether the island's debt crisis-driven troubles – which recently put a halt on development...
Puerto Rico
30 Jun 2016
Senators Urge SEC To Investigate Financial Advisor Misconduct In Puerto Rico
Seven Senate Democrats called on the SEC to investigate any possible misconduct by the financial advisors of municipal entities in Puerto Rico during the years that led to the country's current "dire debt crisis."
Puerto Rico
24 Jun 2016
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