Economics

Cost of Operating Retirement Plans in Puerto Rico to Fall Following Revenue Code Revisions, says Bloomberg BNA Webinar Presenter

  2012 APR 20 - (VerticalNews.com) -- The Puerto Rico Internal Revenue Code of 2011 (the "PRIRC") made several changes to the local rules on the establishment, qualification, and operation of retirement plans in Puerto Rico. On December 10, 2011, the PRIRC was amended to address several of the questions and concerns U.S. and international companies operating on the Island, and their employee benefits advisors, had raised about the new retirement plan rules. Then on December 16, the Puerto Rico Department of the Treasury (commonly known as "Hacienda"), announced new procedures for plan sponsors and service providers in Circular Letter No. 11-10.

  Carlos Gonzales, who helped Hacienda evaluate and draft the retirement plan provisions and the Circular Letter, will be joined by IRS officials in a new Bloomberg BNA webinar Employee Benefits in Puerto Rico that discusses these amendments in detail. Employee Benefits in Puerto Rico takes place April 3, 2012, from 12:30 P.M. - 2:00 P.M. (ET).

  "In its final form, the PRIRC will greatly facilitate and reduce the cost of operating retirement plans in Puerto Rico, says Gonzales. "Many of the differences between the local and U.S. plan qualification rules have been eliminated."

  The webinar will address action items and alternatives that companies should consider for properly and efficiently administering the retirement benefits of their Puerto Rico employees. The speakers will also be discussing the Puerto Rico and U.S. income taxation of retirement benefits of Puerto Rico residents, and will identify common Puerto Rico and U.S. tax compliance failures and alternatives for correcting them.

  Finally, the presentation will address the joint initiative the IRS and Hacienda have had in place since 2006 for auditing qualified retirement plans with Puerto Rico participants. Rolando Cuervo, an IRS revenue agent actively involved with such audits, will provide an overview of this joint initiative, including the profile of the plans selected for audit, the qualification failures being detected, and the alternatives for avoiding and correcting such failures.

  The presentation will allow ample time for questions and answers by registrants.

  To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bna.com/employee-benefits-puerto-w12884907991/?utm_source=newswire&utm_medium=PR&utm_content=TM&utm_campaign=Webinar-04032012 or (in the U.S.) call 800.372.1033, menu Option 6, then Option 1. The per site fee is just $249.

  To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm

  Keywords: Bloomberg Bna.

  This article was prepared by VerticalNews Economics editors from staff and other reports. Copyright 2012, VerticalNews Economics via VerticalNews.com.