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If you have any questions in regards to the above, please do not hesitate to contact our offices so that we may explain the amendments to the provisions of the Code in more detail. Our address is:

 

Fiddler González & Rodríguez, P.S.C., P.O. Box 363507, San Juan, PR 00936-3507. Our fax (787) 759-3108.

 

We welcome your questions and comments.


José J. Santiago

787-759-3129

jsantiag@fgrlaw.com

 

Carlos A. Padilla

787-759-3149

cpadilla@fgrlaw.com

 

Antonio L. García

787-759-3221

agarcia@fgrlaw.com

 

Edgardo Barreto

787-759-3170

ebarreto@fgrlaw.com

 

 

 

 

PUERTO RICO RETIREMENT PLANS' DUE DATE

 

On May 28, 2013 the Puerto Rico Treasury Department issued Circular Letter No. 13-02 adopting extensions of time to amend qualified retirement plans to conform their design to the new requirements of Section 1081.01 of the Internal Revenue Code for a New Puerto Rico of 2011 (the "P.R. Code"), and to file requests for determination letters. The due date is the last day provided under Section 1061.16(a)(1) of the P.R. Code to file the plan sponsor's tax return (excluding the extension of time provided under Section 1061.01(a)(2)(A) of the P.R. Code), corresponding to the first tax year beginning on or after January 1, 2013.

 

Example:

 

For a retirement plan sponsored by an entity with a tax year that is a calendar year, the applicable due date to adopt the required amendments and to file a request for a determination letter is April 15, 2014.

 

Plan sponsors that have not adopted the required plan amendments or have not filed a request for determination letter are reminded to do so sooner than later as the due date is approaching. Circular Letter No. 13-02 can be accessed here.

 

We will keep you fully advised of any further developments on this matter.

 

The Labor Law Group at Fiddler González & Rodríguez, P.S.C., will issue the FGR LABOR WATCH with information of legal issues and developments in areas of interest to our friends and clients. If you know anyone who would like to receive the FGR LABOR WATCH, please feel free to forward this newsletter. For more information about any matter raised in this Labor Watch, please contact your usual FGR labor lawyer or José A. Silva Cofresí at jsilva@fgrlaw.com.

©2014 FIDDLER GONZÁLEZ & RODRÍGUEZ, P.S.C. Permission is granted to view, store, print, copy or distribute the content of this newsletter for noncommercial or personal use, provided you do not alter it and you give us proper credit. The content of this newsletter is for informational purposes only. It is not legal advice or advertising. In addition, the above discussion has been provided in general terms and, therefore, should not be relied upon as legal advice applicable to a specific set of facts and circumstances. Before taking legal action, consult a lawyer you trust. Although we will try to be accurate, you cannot rely on its applicability to your specific problem without consulting your lawyer. Fiddler González & Rodríguez, P.S.C. and the members of the Labor Law Group assume no responsibility to inform you of additional changes in law or any other legal issues related to matters addressed in this email of which we may become aware after the date hereof. This newsletter is not intended to create an attorney-client relationship between you and our firm or any of our attorneys. If we are not already representing you, be mindful that your email communications to any of our lawyers will not be treated as privileged or confidential until you ask us to represent you, we first conduct a conflict of interest search, we agree to represent you and you sign an engagement letter from the law firm.

***IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any United States federal tax advice in this communication (including any attachments) is not intended or written by Fiddler González & Rodríguez, P.S.C. to be used, and cannot be used, for the purpose of (i) avoiding any penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. **

 

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Office Location:

254 Muñoz Rivera Ave. 6th Floor

Hato Rey, Puerto Rico 00918

 

Mailing Address:

PO Box 363507

San Juan, PR 00936-3507

 

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