Puerto Rico Tax Haven Is Alluring, But Are There Tax Risks?
Waves of people are moving to Puerto Rico, including investors, lawyers, hedge funders, and more. Given the astounding tax benefits, many are doing it with good reason. The crypto community may be the biggest wave of all, as the alluring press coverage keeps noting.
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USAGE OF C CORPORATIONS REQUIRE ADHERENCE TO THE FORM AND SUBSTANCE
For all clients who use a multiple corporation set up, they are aware that they must submit invoices for services performed. The services must be actually performed and at an arm’s length pricing. The contract between the companies must be in writing and should also be approved within the minutes of the company paying for such services. Further, if questioned the client must be able to establish the essentials of an arm’s length agreement. Yet notwithstanding specific direction on how to determine an arm’s length price, having and following a written agreement, some companies do NOT follow the basic requirements to have this type of strategy successfully implemented.
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The Employee Retention Credit: Not Just for the Down-Trodden
Given the many compelling political events that occurred during the final months of 2020 (and into 2021), some business owners might not have been as closely focused on the significant changes to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act[i], that, in many cases, could make a substantial and positive financial impact upon their respective businesses.
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IRS guidance on deducting PPP loans
The IRS released guidance on deducting PPP loans. Our team of #taxattorneys can discuss what this, along with other #taxsavings strategies, means for you and your business.
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The Made-in-America versus “Made-in-Puerto Rico” tax breaks
The Made-In-America tax break has been the object of much discussion since the IRS issued the final regulation on July 9, 2020. The tax break creates an effective reduction in the federal corporate tax rate from 21% to 13%. However, it has two problems: (1) the 13% effective tax rate only lasts until 2025, then increases to 16% effective tax rate; and (2) the tax break is only for goods and services produced in the U.S. and sold overseas, missing your U.S. customer base.
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Debatable political perspectives and tax implications
By Christopher Hynes, JD, CFP
Regardless of your political perspective, tax laws have without doubt changed in significant ways this year and depending upon who wins the election, tax increases may be inevitable. Chris Hynes, SVP of Tax Consulting for Tax Law Solutions provides some useful insight.
Predictably, opinions regarding who finished 1st and who finished 3rd in the initial 2020 presidential debate remain divided (Chris Wallace seems to be the consensus 2nd place finisher…). Prospective voters are similarly split on the sub-issue of Donald Trump’s taxes. Like the larger question of who prevailed in the (over) moderated insulta-thon, the resolution to this issue is clearly a matter of perspective: is it dishonest or unfair for a billionaire to pay less in federal income tax than his secretary (I know, that was a different billionaire)? Or, with due attribution to Bill Belichick, is Trump simply ‘playing the game as the game is played’. Ergo, isn’t any animus directed at the ‘player’ de facto illegitimate?
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Making the most of your business structure
Is your business currently structured to provide you with the most benefit? Our tax attorneys and business experts have the solutions your company needs.
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End of Year Tax Planning
If you wait until the end of the year to start your tax planning, you’re already too late. Contact us today!
#TaxLawSolutions #taxlaw #taxattorney #taxlawyer #taxplanning #taxconsulting #PuertoRico #taxsolutions #taxconsultants #taxexpert #opportunityzones #taxsavings #taxstrategy #taxstrategies #smallbusiness #businessowner #businessstrategy #businessstrategies #tax2020 #taxrelief
Change in administration could increase your tax obligations
Good #Taxplanning should also include political considerations. Has your business been structured with the appropriate #taxdefenses in case of a change at the White House this November? If not, speak with the #taxattorneys at #taxlawsolutions today!
#taxlaw #taxattorney #taxlawyer #taxplanning #taxconsulting #PuertoRico #taxsolutions #taxconsultants #taxexpert #opportunityzones #taxsavings #taxstrategy #taxstrategies #smallbusiness #businessowner #businessstrategy #businessstrategies #tax2020 #taxrelief
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