Saturday, June 21, 2014

High Volume Business Supplementary Information

In December of 2013, Puerto Rico enacted legislation known as Act 163 that added new requirements for filing in regard to high volume business. Among other things, taxpayers with a volume of business equal to $3 million dollars or greater are required to file supplemental information.  

Supplemental information includes:

Volume Business Declaration which contains information on total gross income, itemized income, sales returns.  For business like gas stations a declaration on the volume of gas sold is required.

Personal Property Tax Supplemental Information
Beginning year cash balances, cash in transit, Inventory

Income Tax Supplemental Information
Verification of withholdings and payment of wages, verification of proper sales and use tax payment, etc.

There are more rules and this post contains simplifications and is not comprehensive. Additionally, as always, a professional should be consulted and be presented with specific information.


The information on this website is general information and is for educational use only and has not been verified for accuracy nor completeness. You, the reader, should further research your specific individual situation. In addition you should contact your accounting professional for professional advice derived from specific details from your structure and financial position.

Thursday, June 5, 2014

Job Posting: Accounting Bookkeeper / Analyst

POST DATE: June 5th, 2014
POST TITLE: Accounting Bookkeeper / Analyst
LOCATION/DEPARTMENT: Isla CPA – San Juan, PR (Miramar)
REPORTS TO: CPA Accountant    
HOURS: Monday – Friday (9:00AM – 5.30PM)

Maintain accurate financial records and help prepare and analyze accounts for all types of businesses. Will be required to provide administrative and clerical support to CPA accountants. The position holder will be required to work flexibly, in a rapidly developing office environment. It may be necessary to assist other staff from time to time. 

The key duties of the position are as follows:
  • General book-keeping duties to include:
    • Double entry book-keeping;
    • Processing sales invoices;
    • Receipts and payments;
    • Bank Account Reconciliations;
    • Completing IVU returns;
    • Preparing wage and withholding from source monthly deposits;
    • Helping prepare P&L statements and balance sheets;
    • Quarterly Payroll Returns and others;
  • Communicate and liaise verbally and in writing between clients/visitors/enquirers and staff and interpret and respond clearly and effectively to spoken requests over the phone or in person, and to verbal or written instructions.
  • Manage, organize and update relevant data using database applications.
  • Establish and maintain effective working relationships with co-workers, supervisors and the general public.
  • Maintain regular consistent and professional attendance, punctuality, personal appearance and adherence to relevant health and safety procedures.
  • Adhere to procedures relating to the proper use and care of equipment and materials for which the role has responsibility.
  • Plus other duties consistent with the position-level as directed.

For more information, please send a Resume and Cover Letter to 

Because of the changing nature of our business your job description will inevitably change. You will, from time to time, be required to undertake other activities of a similar nature that fall within your capabilities as directed by management.