This form is intended to assist the attorney in case preparation by providing the client with a form to be used in documenting all expenses and lost wages associated with the client's claim.
Puerto Rico Wage and Income Loss Statement
State:
Multi-State
Control #:
US-PI-0009
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Qualifying businesses, foreign or local, with an office in Puerto Rico get a 4% fixed income tax rate under Act 20 for exporting services. Under Act 22, the most controversial of the two, individual investors looking to benefit from the tax breaks must not have lived in Puerto Rico between 2006 and 2012.
Once you live in Puerto Rico, your passive income is now ?Puerto Rico source income,? and Section 933 of the Internal Revenue Code says you don't have to pay federal taxes on Puerto Rico source income. Act 60 says you don't have to pay Puerto Rico taxes on passive income.
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.
While the Commonwealth government has its own tax laws, Puerto Rico residents are also required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
The Puerto Rico equivalent of the U.S. Form W2 is the 499R2/W2PR (Withholding Statement), and must be filed for each employee. An Annual reconciliation statement of Form 499R2/W2PR and tax withheld should be filed to the Puerto Rico Treasury Department on or before January 31 of each year.
To enjoy these Puerto Rico tax incentives, you must qualify as a bona fide Puerto Rican resident by passing three tests?the presence test, the tax home test, and the closer connection test?to prove your intention for living in Puerto Rico long term.
For purposes of the foreign earned income exclusion, the foreign housing exclusion, and the foreign housing deduction, the terms "foreign," "abroad," and "overseas" refer to areas outside the United States, American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, Puerto Rico, the U.S. Virgin Islands, and ...
Specifically, a U.S. citizen who becomes a bona fide Puerto Rico resident and moves his or her business to Puerto Rico (thus, generating Puerto Rico sourced income) may benefit from a 4% corporate tax/fixed income tax rate, a 100% exemption on property taxes, and a 100% exemption on dividends from export services.