Client Alerts 
TRANSFORMATION AND ENERGY RELIEF ACT
Act No. 57 of May 27, 2014 On May 27, 2014, the Governor of Puerto Rico signed into law, Act No. 57 of 2014, known as the Transformation and Energy Relief Act (the “Energy Reform Act” or the “Act”). The Act transforms the regulatory framework of the electric system and energy industry by encouraging a more efficient energy system and the establishment and maintenance of fair and reasonable electricity costs.
LABOR & EMPLOYMENT ALERT
On March 25, 2014, the United States’ Supreme Court held severance payments to an employee involuntarily terminated and that was not linked to a plan which conditioned the payments to the former employee’s receipt of state unemployment benefits, are taxable under the Federal Insurance Contributions Act (“FICA”). United States v. Quality Stores, Inc., No. 12-1408.
DEVELOPMENTS IN LABOR RELATIONS & EMPLOYMENT LAW FOR PUERTO RICO
On March 25, 2014, the United States’ Supreme Court held severance payments to an employee involuntarily terminated and that was not linked to a plan which conditioned the payments to the former employee’s receipt of state unemployment benefits, are taxable under the Federal Insurance Contributions Act (“FICA”). United States v. Quality Stores, Inc., No. 12-1408.
AMNESTY FOR FILING DELINQUENT CORPORATE ANNUAL REPORTS
The Puerto Rico Department of State recently issued Administrative Order 2014-02 providing a waiver of administrative fines for the late filing of corporate annual reports during the period from February 14, 2014 through April 15, 2014.
Client Alerts
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TRANSFORMATION AND ENERGY RELIEF ACT
Act No. 57 of May 27, 2014 On May 27, 2014, the Governor of Puerto Rico signed into law, Act No. 57 of 2014, known as the Transformation and Energy Relief Act (the “Energy Reform Act” or the “Act”). The Act transforms the regulatory framework of the electric system and energy industry by encouraging a more efficient energy system and the establishment and maintenance of fair and reasonable electricity costs.
LABOR & EMPLOYMENT ALERT
On March 25, 2014, the United States’ Supreme Court held severance payments to an employee involuntarily terminated and that was not linked to a plan which conditioned the payments to the former employee’s receipt of state unemployment benefits, are taxable under the Federal Insurance Contributions Act (“FICA”). United States v. Quality Stores, Inc., No. 12-1408.
DEVELOPMENTS IN LABOR RELATIONS & EMPLOYMENT LAW FOR PUERTO RICO
On March 25, 2014, the United States’ Supreme Court held severance payments to an employee involuntarily terminated and that was not linked to a plan which conditioned the payments to the former employee’s receipt of state unemployment benefits, are taxable under the Federal Insurance Contributions Act (“FICA”). United States v. Quality Stores, Inc., No. 12-1408.
AMNESTY FOR FILING DELINQUENT CORPORATE ANNUAL REPORTS
The Puerto Rico Department of State recently issued Administrative Order 2014-02 providing a waiver of administrative fines for the late filing of corporate annual reports during the period from February 14, 2014 through April 15, 2014.
T 787.764.8181 / 787.622.8181 F 787.753.8944 E info@oneillborges.com 