The Governor of Puerto Rico has signed an order authorizing the establishment of tax rules for distributions from qualified retirement plans and IRAs following Hurricane Maria and other natural disasters.
On October 24, 2017, Puerto Rico's Secretary of the Department of Labor and Human Resources issued an Administrative Order granting an automatic extension for all employers required to file a Quarterly Unemployment and Disability Tax Report.
On October 19, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2018 tax year.
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.
