The IRS investigates around a 100 Act 60 (22) decree holders

Do you owe taxes? On July 14th, the IRS released its newsletter IR-2023-126 and revealed that “thanks to Inflation Reduction Act resources,” it has begun a criminal crackdown on Act 20/22/60 participants engaging in a ”high-dollar scheme in Puerto Rico.” The IRS has “identified about 100 high-income individuals claiming benefits in Puerto Rico without meeting the residence and source rules involving U.S. possessions” and believes “these wealthy individuals are attempting…  Read more

El IRS lanza investigaciones contra individuos con decretos de Ley 22 (Act 60)

En su boletín informativo R-2023-126, del 14 de julio de 2023 el Negociado de Rentas Internas Fedeal (IRS) notifica que investiga cerca de 100 individuos que pueden haber reclamado ilegalmente que se habían mudado a Puerto Rico para no pagar impuestos federales sobre ciertos ingresos bajo los beneficios de la Ley 60 (22).  Read more


The First Global Challenge Robotics competition will take place in Geneve, Switzerland, from 13-16 October 2022.  More than 180 countries will come together face-to-face in the spirit of global purpose, unity, and collaboration.  Puerto Rico will participate for the second time in this truly international event.                   FGC TEAM PUERTO RICO They are represented by 5 high school students who will work together with other nations to foster understanding…  Read more

New “Client Center” for JN CPA Clients

Secure Document Exchange Portal Dear Valued Client, We now use Client Center, a secure web portal, to easily exchange files and communications (tax questionnaire, eSignature, supporting documents, and returns). This is a web portal that you log in to, with helpful features and even a mobile app option. Use the following steps and resources to get started.   ! From this month on all of our clients will receive a Registration…  Read more

PR Income Tax Deadline Reminder

FECHA LÍMITE | La radicación de planilla con prórroga solicitada en o antes del 15 de julio de 2020 y el pago del segundo plazo de contribución adeudada con la planilla radicada para el año 2019 vence el 15 de enero de 2021. — Departamento de Hacienda (@DptoHacienda) October 15, 2020  Read more

Coronavirus, Taxes and JN CPA

With the COVID-19 pandemic escalating, both CPA firms and their clients are facing emergency planning issues.  As a small CPA firm we are not exempt from this.  The most pressing issues are protecting the health of our employees, our clients, and preserving business continuity.   Thus we hereby share some of the measures we have taken: We are advising clients to deliver documents via our secure document portal service (my-cpa-file).  This…  Read more

Subcontractors, don’t wait to get ready for the 2020 tax year

Soon most people, specially subcontractors, will start thinking about the 2019 tax preparation for the April 2020 tax filings. But the best advice is to start getting ready during the year instead of waiting to the last minute. One of the best ways to do this is by using business apps.  You can use apps for invoicing, expense record keeping, and even mileage tracking.  There are a lot of great…  Read more

JN CPA & Advisors teams up with SFAI International

We are delighted to inform that Advanced CPA, LLC d/b/a JN CPA & Advisors has been named as SFAI International’s member firm for Puerto Rico. SFAI is an international organization with presence in over 50 countries.  The members are leading firms in the fields of Audit, Advisory, Consulting, Financial Advisory, Risk Advisory, and Taxes.  SFAI is also member of the International Federation of Accountant’s (IFAC) Forum of Firms. As part…  Read more

Hacienda eliminates B2B SUT for some PYMES

The Puerto Rico Treasury Department (Hacienda) and has issued Circular Letter CCRI 19-05, to implement the elimination of the 4% Sales and Use Tax (SUT).  This will be applicable for PYMES with yearly gross revenues of $200,000.00 or less.   The exemption includes some designated professional services and other merchants. The 4% services SUT (IVU in spanish) is a tax applicable to designated professional services like CPA’s, lawyers, engineers, etc.  Amendments…  Read more

Unresolved Insurance Claims for Hurricane Maria

With this court ruling thousands of policyholders would still be able to review their claims for damages suffered under Hurricanes Irma and Maria.  More so it shows that there could still be thousands of unresolved claims even when statistics show otherwise.  Lots of work pending for insurance adjusters. #insuranceclaims, #pubicadjuster #puertorico #negroncpa  Read more

Special Withholding Rules for U.S. Federal Agencies with employees in Puerto Rico

Federal Employees, Taxes, and Puerto Rico Some Federal Agency employees, specially those that worked during the Hurricane Maria emergency, had local income taxes retained as part of their work in the island.  Must importantly they must file a tax return with the Commonwealth of Puerto Rico.  Do you need a CPA in Puerto Rico to take care of this matter? Contact us..  Read more

PR Tax Changes 2019 – Employers Merchants

Trying to make it as simple as possible.  On December 10, 2018 the Governor of Puerto Rico signed Law Act 257-2018 to amend some of the provisions of the Puerto Rico Internal Revenue Code of 2011, as amended.  Act 257 introduces various changes to the current tax regime.  The information provided does not constitute a consultation, it’s just form informative purposes.  Below you will find a few highlights of the…  Read more

PR Tax Changes 2019 – Corporations

On December 10, 2018 the Governor of Puerto Rico signed Law Act 257-2018 to amend some of the provisions of the Puerto Rico Internal Revenue Code of 2011, as amended.  Act 257 introduces various changes to the current tax regime.  The information provided does not constitute a consultation from our CPA firm.  Highlights of the changes applicable to corporations are: Corporations Regular tax rate reduced to 18.5% (previously 20%) The…  Read more

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