We’re proud to share that our Managing Partner, Rachel Farris, CPA, has been recognized by Forbes as one of the Top CPAs in America. This honor highlights Rachel’s dedication to excellence in tax advisory and her continued leadership in the accounting profession. Her recognition by Forbes reflects her commitment to integrity, client service, and technical

When it comes to relocating to Puerto Rico under Act 60, the opportunities for tax savings are immense—but so are the compliance responsibilities. From applying for tax decrees to preparing annual reports and staying aligned with Puerto Rico’s evolving regulations, business owners and investors often underestimate the complexity of ongoing compliance. That’s where the right

One of the most overlooked—but critical—aspects of Act 60 compliance is not how you establish Puerto Rico residency, but how you end it. The IRS doesn’t take kindly to people hopping between tax jurisdictions at will. If you eventually move back to the mainland U.S., your reason for doing so matters. A lot. To avoid

Puerto Rico continues to position itself as a premier destination for location-independent professionals and global entrepreneurs — and recent developments only strengthens its appeal. In 2024, the Puerto Rican government passed Act 27-2024, also known as the Digital Nomad Bill, aimed at attracting highly skilled remote workers to the island. Combined with Act 60, which

Puerto Rico’s Act 60 offers a compelling tax incentive for U.S. citizens willing to relocate—but many participants underestimate how fiercely former states, especially California and New York, will fight to retain their tax base. Even when Act 60 participants pass the federal presence test, state tax authorities may still claim jurisdiction, leading to aggressive audits

Puerto Rico’s Act 60, a critical tax incentive program for both investors and businesses, may be evolving in 2025 with recent legislative proposals from the Puerto Rico government. With significant changes in the legislative landscape, these potential updates bring fresh opportunities—and new responsibilities—for high-net-worth individuals planning to relocate or expand their investments in Puerto Rico.

For individuals who have relocated to Puerto Rico under Act 60, establishing and maintaining bona fide residency is essential to securing the program’s tax benefits. A key component of this process is passing the Presence Test, which ensures that an individual is spending a sufficient number of days in Puerto Rico while avoiding tax residency

A new investment visa program, commonly referred to as the “Gold Card,” is poised to reshape the landscape for high-net-worth individuals seeking U.S. residency. In late February 2025, President Trump mentioned that he is planning to institute this “Gold Card” policy. This initiative, which requires a $5 million investment to get permanent US residency, presents

Over a decade ago, Puerto Rico faced economic instability and sought innovative solutions to stimulate investment and economic activity. One of the key measures introduced was the Research & Development (R&D) tax credit under the Puerto Rico Incentives Code which offers up to 50% back on qualifying R&D investments . This initiative aims to attract

On December 17, 2024 the IRS issued an important memorandum highlighting critical issues concerning the sourcing of gains for bona fide residents of Puerto Rico. Navigating the complexities of Act 60 compliance requires staying informed about IRS rulings that could impact your tax strategy. The recent IRS Advice Memorandum 2024-005 (AM 2024-005) highlights critical issues

I often hear remarks that the 1% should be paying their fair share of taxes and that wealthy individuals are unfairly given tax breaks compared to middle/lower economic classes. In reality, the top 1% of income-tax filers contributed 40.4% of the revenue in 2022, based on recently released IRS data. Meanwhile, the top 10% of

5-6 Minute Read When U.S. citizens move to Puerto Rico to take advantage of tax incentives under Act 60 (formerly Acts 20 and 22), they must navigate specific U.S. tax compliance requirements. One of the most important — and often overlooked — is IRS Form 8898. This form plays a key role in notifying the

Small and medium-sized businesses, or PyMEs (from the Spanish abbreviation), are a vital component of Puerto Rico’s economy, significantly contributing to employment and economic growth. According to the Department of Economic Development and Commerce’s (DEDC) PyMEs Annual Report, in 2019, PyMEs made up 91.4% of all businesses in Puerto Rico, accounted for 44.8% of private-sector

At my firm, I always get the question from my clients “Do I really need to stay for 3 years?” The answer is yes, you must be in Puerto Rico for at least 3 years in order to reap the benefits of Act 60 and minimize your risk. This article will walk you through the

With the IRS intensifying its focus on cryptocurrency tax collection, many are searching for ways to reduce their crypto tax burden. For certain individuals and businesses, Puerto Rico could be the ideal tax-friendly solution. Puerto Rico’s Act 60 offers particularly attractive tax incentives for crypto investors, potentially saving taxpayers hundreds of thousands—or even more—in federal