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

ARLINGTON, Va., April 2, 2012 /PRNewswire-USNewswire/ -- 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. 

(Logo: http://photos.prnewswire.com/prnh/20120110/DC33627LOGO)

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 

About Bloomberg BNA Webinars 
Bloomberg BNA is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all Bloomberg BNA resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

About Bloomberg BNA 
Bloomberg BNA, a wholly-owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance - the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans the full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety. 

SOURCE Bloomberg BNA

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED