Contact Paul +

Time limit is exhausted. Please reload CAPTCHA.

Puerto Rico

District Court strikes down Puerto Rico’s corporate AMT aimed at Wal-Mart PR

District Court strikes down Puerto Rico’s corporate AMT aimed at Wal-Mart PR

Wal-Mart Puerto Rico, Inc. v. Zaragoza-Gomez, (DC PR 3/28/2016) Civil No. 3:15-CV-03018 (JAF). A U.S. district court has held that certain parts of Puerto Rico’s corporate alternative minimum tax (AMT) regime are unconstitutional and has granted Walmart’s Puerto Rico corporation an injunction to stop its collection. The court characterized the cash-strapped legislature’s increase in the maximum […]

Read the full article →

U.S. Supreme Court wrestles with Puerto Rico restructuring case

U.S. Supreme Court wrestles with Puerto Rico restructuring case

Liberal justices on Tuesday signaled support for Puerto Rico as the U.S. Supreme Court considered whether to revive a law that could let the U.S. territory cut billions of dollars owed in debt at some public agencies, a key test in the island’s efforts to weather a huge fiscal crisis. It was unclear how the court will […]

Read the full article →

Wal-Mart blasts Puerto Rico tax ahead of trial

Wal-Mart blasts Puerto Rico tax ahead of trial

SAN JUAN (Reuters) – Wal-Mart’s Puerto Rico subsidiary on Monday said a U.S. commonwealth tax on big companies is discriminatory, setting the stage for a trial starting on Tuesday that could threaten a tax increase Puerto Rico hoped would protect local businesses and jump-start its economy. In court papers filed ahead of the trial, in […]

Read the full article →

Puerto Rico study optimistic on job creation under tax breaks

Puerto Rico study optimistic on job creation under tax breaks

SAN JUAN (Reuters) – Tax incentives aimed at spurring Puerto Rico’s economy have created 5,800 jobs in the four years since their enactment, but could create 50,000 more jobs in the next eight, a study commissioned by the island’s government said. The study, released on Tuesday by the economic consulting firm Estudios Tecnicos, said the […]

Read the full article →

Democrats to demand restructuring mechanism for Puerto Rico

Democrats to demand restructuring mechanism for Puerto Rico

SAN JUAN/WASHINGTON (Reuters) – Democratic U.S. senators have drafted a letter to Republican Senate Majority Leader Mitch McConnell insisting legislation designed to solve Puerto Rico’s debt crisis should include a mechanism for the island to restructure its debt, according to a draft of the letter seen by Reuters. The move is a challenge to Republicans […]

Read the full article →

Puerto Rico edges back towards default precipice

Puerto Rico edges back towards default precipice

NEW YORK (Reuters) – Puerto Rico once again is teetering on the brink of default with roughly $1 billion in payments coming due Jan. 1, which could open the door to litigation and even messier debt negotiations with creditors while further damaging the reputation of the debt-laden U.S. territory in the capital markets. The tiny […]

Read the full article →

Puerto Rico avoids second default, but future payments uncertain

Puerto Rico avoids second default, but future payments uncertain

NEW YORK/SAN JUAN (Reuters) – Puerto Rico made a crucial debt payment on Tuesday but warned that its deteriorating finances could trigger future defaults, as the governor granted the U.S. territory power to take revenues from public agencies. There had been speculation Puerto Rico would default on all or part of the $355 million notes […]

Read the full article →

Senate Finance Committee & Joint Committee on Taxation examine Puerto Rico’s debt crisis

Senate Finance Committee & Joint Committee on Taxation examine Puerto Rico’s debt crisis

The Joint Committee on Taxation (JCT), in connection with a recent Senate Finance Committee hearing, has released a report that provides an overview and analysis of U.S. federal tax law pertaining to Puerto Rico and other U.S. territories (U.S. possessions) and a summary of recent prominent changes in Puerto Rico tax law, among other things. […]

Read the full article →

Puerto Rico’s fiscal reform plan looks to convince creditors

Puerto Rico’s fiscal reform plan looks to convince creditors

SAN JUAN/NEW YORK (Reuters) – Puerto Rico’s imminent fiscal reform plan will aim to persuade bondholders to restructure debt by showing the government is willing to share the burden. But some of the plan’s expected reforms — such as cuts to teacher pensions and University of Puerto Rico subsidies — may be too politically unfeasible […]

Read the full article →

Puerto Rico defaults on bond payment, pays fraction of $58 million

Puerto Rico defaults on bond payment, pays fraction of $58 million

NEW YORK (Reuters) – Puerto Rico has defaulted on its debt by paying only a fraction of what was due on bonds due Aug. 1, showing the depth of the island’s economic and cashflow problems and potentially opening the door to litigation. The commonwealth paid only $628,000 of a $58 million payment due on its […]

Read the full article →

Puerto Rico nears default as debt restructuring beckons

Puerto Rico nears default as debt restructuring beckons

NEW YORK (Reuters) – Puerto Rico on Friday made a payment on debt owed by its Government Development Bank, but the U.S. territory may still be short of the funds needed to pay all of its imminent obligations. “The GDB will make the $169 million payment for the debt service on its bonds today,” GDB […]

Read the full article →

Puerto Rico’s PREPA to ask creditors to take some pain

Puerto Rico’s PREPA to ask creditors to take some pain

NEW YORK (Reuters) – Puerto Rico’s debt-ridden power authority PREPA is expected to ask bondholders to take some pain as part of a turnaround plan it will present to creditors on Monday, kicking off what could be heated negotiations over terms, sources familiar with the situation said. PREPA and its creditors must reach agreement quickly […]

Read the full article →

Puerto Rican qualified plans & insurance co. separate accounts can pool assets in group trust

Puerto Rican qualified plans & insurance co. separate accounts can pool assets in group trust

Rev Rul 2014-24, 2014-37 IRB In a Revenue Ruling, IRS has included trusts of certain retirement plans qualified only under the Puerto Rico Code (the Código de Rentas Internas para un Nuevo Puerto Rico de la Ley Núm. 1 de 31 de enero de 2011) in the list of group trust retiree benefit plans eligible […]

Read the full article →
Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

Read More

Connect With Paul on Social Media

Practice Areas & Information

Certifications &
Associations
Member CA Bar Member Orange County Bar US Tax Court Attorney