Friday, July 19, 2019

U.S. Treasury extends application period for employee retention credit

By on January 16, 2019

SAN JUAN – The executive director of the Puerto Rico Federal Affairs Administration (PRFAA) announced Wednesday that the U.S. Treasury Department has extended the deadline established to request the tax credit granted to Puerto Rican employers for retaining employees in the aftermath of hurricanes Irma and María.

“The deadline to apply for this benefit originally was December 31, 2018, but thanks to the close collaboration with both the [Puerto Rico] Treasury and the federal Treasury, we have achieved that it be extended until March 31, 2019, so that all affected employers can obtain this credit,” Carlos Mercader said in release issued by his office.

In September 2017, Congress granted tax benefits to employers whose businesses became inoperative as a result of the hurricanes, but still kept their employees on the payroll.

“This credit is calculated by taking into account payroll payments made since the passage of the hurricanes until the reopening or permanent closure of the companies and businesses affected.”

More employee-retention benefit funds for hurricane-affected employers disbursed

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