This is the accounting form used in an accounting of a law firm on the complaint of a former partner. It includes assets, liabilities, total liabilities, net assets, and a computation of the former partner's share.
Puerto Rico Form of Accounting Index
Category:
State:
Multi-State
Control #:
US-L0107E
Format:
Word;
PDF;
Rich Text
Instant download
Description
How to fill out Puerto Rico Form Of Accounting Index?
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FAQ
Financial businesses are instead subject to a 1.5 percent tax on gross receipts. The tax is known as the municipal license tax (or "patente municipal," in Spanish). As a result, companies are required to register when commencing operations within the applicable municipality.
Because Puerto Rico is a United States territory, corporations are not subject to federal taxes unless earnings are repatriated. In turn, the corporate tax structure provides benefits of operating at a United States jurisdiction while providing tax benefits of a foreign country.
Offshore banking: Puerto Rico is an ideal jurisdiction for offshore banking, with access to stable banks, high levels of banking privacy, and good investment opportunities. Convenient for US citizens: As Puerto Rico is officially a part of US soil, it is the most convenient and accessible tax haven for US citizens.
Puerto Rico Income SourceAn active Act 20 Company with a 100% Puerto Rico resident shareholders ownership is are NOT subject to GILTI, an estimated effective tax of 4%.
There are no specific CFC rules in Puerto Rico.
If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.
Excise tax: depends on the category of goods. Sales and use tax: 11.5 percent on most goods and services. 10.5 percent on goods and services not subject to municipal SUT.
Under the Controlled Foreign Corporation (CFC) structure, the Puerto Rico subsidiary, which will generate a maximum corporate income tax rate of 7% with no withholding tax, may use these profits to fund their foreign operations (including the Puerto Rico operations).
Registration and Authorization Before conducting business locally, all corporations or limited liability companies must register at the Puerto Rico State Department. Puerto Rico corporations are treated as foreign corporations for U.S. income tax purposes.
The new tax contributes 1% to the municipality level and 10.5% to the "state" level. The IVU was scheduled to expire on 1 April 2016, to be replaced with a value-added tax (VAT) of 10.5% for the state level, with the 1% IVU continuing for the municipalities.
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