DBPR provides business and individual tax consulting services, including general tax law advice (U.S. & P.R.), entity selection and organization, and compliance. Also, the firm represents clients before federal, state and municipal agencies, on tax and incentive matters. Notary Services are offered as well.
General Tax Advice
Considering the dual (federal-state) taxation system applicable to certain business activities, and the relationship between Puerto Rico and the United States of America, the distinction between residents and non-residents of Puerto Rico is of paramount importance for jurisdictional purposes. Sound accounting practices to minimize clients’ tax liability is similarly relevant. It helps to determine clients’ income, deductions, and credits.
Entity Selection and Organization
This strategic business planning process is heavily influenced by tax considerations. Awareness about the tax consequences of business decisions, including the choice of entity to operate, allows for the avoidance of severe, albeit common mistakes.
To qualify for tax/economic incentives, as with any other business matter, compliance is key. Services in this realm include the filing of elections, applications for tax exemption, filing and review of tax returns and administrative forms.
In Puerto Rico, notaries are required by law to also be attorneys. This imparts legal certainty and soundness to every transaction authorized by a notary. Frequently, business people in Puerto Rico need the assistance of a notary in the execution of deeds, affidavits and a diverse array of legal documents.
Other Practice Areas: DBPR’s Special Counsels provide support to the firm in areas that are essential to significantly reduce the cost of doing business. Strategic alliances with experts in San Juan, New York and Indiana, in areas such as Intellectual Property and Banking Law and Securities Regulation, among others, provide the firm's clientele a solid team to cover their most important legal needs.