Accounting laws in puerto rico

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Accounting laws in puerto rico

No matter your age, religion, or political party, there are a few simple principles on which we can all agree: Spend less than you earn. Treat others as you would have them treat you.

The more complicated the solution, the more likely it will stray from the basic common sense principles on which we all agree. The people of Puerto Rico find themselves in the center of a manmade disaster Accounting laws in puerto rico worse by a natural disaster.

When people get mired in debt, we advise them to list their debts and financial resources, so they know exactly where they stand, and then to make a debt payment plan and stick to it.

In Julythe FY audit was finally released, but the auditor said it could not verify that the information was reliable.

People who are in debt work with their creditors to reach solutions. Once they have worked with creditors, they can create a final plan and work toward climbing out of debt and back into a place where income and spending are balanced.

Yet the government of Puerto Rico has taken an adversarial position, refusing to work with creditors, positioning the debt as unpayable, and debt repayment as unnecessary. Because these actions were both illegal and illogical, the Governor and the Oversight Board allocated billions for litigation expenses and outsized advisor fees while providing virtually nothing for debt service.

This reflected their determination to litigate rather than work cooperatively with creditors and other stakeholders in developing a realistic solution. And they are spending millions on advisory fees to consultants and advisors who are competing with each other, creating contradictory plans and overstaffing the work to drive up billable hours — and no one is managing them to prevent such abuse.

Instead of wasting hundreds of millions of dollars on financial shenanigans, the Commonwealth and Oversight Board should be focused on the serious business of creating a feasible plan for meeting legal obligations, managing expenses, preventing waste, and reducing corruption, in order to foster a sustainable economic future for the citizens of Puerto Rico.

The grandstanding and mystery accounting are being used to justify the basic fact that promises are not being kept. The Puerto Rican constitution clearly states that Commonwealth public debt is to be paid first, before any other type of expense.

Puerto Rico Accounting Rules and Laws

Finally, what is happening in Puerto Rico encourages conditions that prevent fair treatment of its residents. There is no spending oversight and no accountability for federal dollars being spent on the island. Corruption is so widespread that the recovery effort, and those depending on it, have not gotten the relief they needed quickly enough.

A self-sustaining economy is a complicated system that balances industry and humanity. But even the most complex systems are built on fundamental principles.

Act 20 – Export Services – Puerto Rico Tax Incentives

To deny or defy those foundational agreements moves the Commonwealth away from recovery, not toward it. There is no quick fix for the hard work of financial discipline and recovery planning.On April 16, , the Governor of Puerto Rico filed House Bill (the “Bill”) with the Puerto Rico House of Representatives and the Senate to amend the Puerto Rico Internal Revenue Code of , as amended (the “Code”).

Old San Juan is a barrio of San Juan, Puerto Rico, located on the Isleta de San Juan. It is the oldest settlement within Puerto Rico and the historic colonial section of the city of San Juan.

Accounting laws in puerto rico

"Puerto Rico is a territory; they don't have sovereign powers to change some of the laws that Congress enacts, and therefore [governing authority] has to be shared. Setting the federal share (FMAP) at 83%, what Puerto Rico would likely be entitled to as a State, would eliminate the pending “cliff” and provide roughly $ million annually in budgetary relief to the Puerto Rican government.

Individual Assignment: Accounting Laws Memo You are asked to consult a friend who is opening a business in Puerto Rico. Your friend is unfamiliar with the accounting rules and laws .

Tax Law Solutions offers the Puerto Rico tax saving strategy along with the Act 20 and Act 22 tax reduction programs. Reduce your taxes by %.

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