The well-regarded tax team at McConnell Valdés LLC remains a market leader, advising household-name financial institutions and global corporations, including Google, Hewlett Packard, Johnson & Johnson, Coca-Cola, T-Mobile and Shell, on a diverse spread of tax matters. With an active client base spanning sectors ranging from chemicals, tech, pharmaceuticals and retail to beverages, telecoms, energy and hospitality, the firm’s comprehensive service extends to tax incentives and exemptions, consumption tax, e-commerce matters, advice for non-profit organisations on structuring and establishing operations in Puerto Rico, and the tax aspects of M&A and deal structuring. The practice is chaired by Isis Carballo-Irigoyen, a corporate tax expert who assists with start-up operations, reorganisations, acquisitions, financings and competent authority proceedings before the Puerto Rico Treasury Department and the Internal Revenue Service. The team is vice-chaired by Yamary González-Berríos, who advises on tax exemption issues relating to liquidations and other major transactions. Rubén Muñiz-Bonilla acts for clients in tax controversy and litigation matters, including tax audits and examinations, administrative appeals and court proceedings. Lillian Toro-Mojica advises on employee benefits, and income and property taxes. Associate Ivette Rodríguez joined from an in-house role in December 2022.
Tax in Puerto Rico
Isis Carballo-Irigoyen; Yamary González
‘Extremely knowledgeable in tax matters, not only from the technical point of view, but more importantly from a practical perspective.‘
‘Isis Carballo responds extraordinarily quickly to our needs and requirements. Her knowledge and contacts in the industry are vital to the depth and quality of her services.‘
Abbott/St. Jude Medical
Johnson & Johnson
Sunnova Energy Corporation
The Coca Cola Company
- Assisting with the Puerto Rican tax aspects relating to the T-Mobile/Sprint combination, including planning to maximise the use of NOLs.
- Assisting multinational Internet-related services and products companies with complexities of the Puerto Rican taxation of numerous e-commerce transactions, and with tax minimisation strategies related to their Puerto Rican operations.
- Advising on the tax aspects of the sale of all of Sears/Kmart’s go-forward retail stores to Transform entities, as approved by the U.S. Bankruptcy Court, and of the withdrawal of Sears/Kmart entities from Puerto Rico.
O'Neill & Borges
The market-leading tax team at O'Neill & Borges assists corporate clients with the full of matters across the practice area related to income, sales, property and municipal taxes and tax credits and incentives. The group also provides full support with tax litigation, challenging tax impositions by the Puerto Rico Secretary of the Treasury, the Municipal Revenue Collection Centre and various municipalities. Amaya Iraolagoitia brings expertise to the tax aspects of corporate structuring and M&A, in addition to representation in judicial and administrative tax procedures. Rosa González-Lugo assists clients with obtaining closing agreements and rulings from the Puerto Rico Treasury Department and acts for them in audits conducted by the Puerto Rico Treasury Department.
Pietrantoni Méndez & Alvarez LLP
Advising local and stateside entities, corporations, financial institutions, government entities and individuals, the team at Pietrantoni Méndez & Alvarez LLP provides a comprehensive service on a wide range of tax matters. These range from employee benefits and executive compensation, international tax investments and tax incentives to trusts and estates, tax litigation and the tax aspects of the wine and spirits industry. Dianette Rivera-Meléndez assists clients with compliance matters and municipal licence taxes, sales and use taxes and value added taxes. Edgar Ríos-Méndez advises on inbound and outbound corporate reorganisations, registered investment companies and structured investment vehicles. Other key figures include experienced counsels Fernando Goyco-Covas and José Cestero-Calzada.
The experienced team at DLA Piper Puerto Rico brings expertise to advising insurers, domestic financial institutions and multinational corporates such as AT&T, Southwest Airlines, Air Canada and Bacardi on a wide array of matters across the practice area, including tax planning and structuring, complex financial transactions, transfer pricing, tax audits and appeals, and tax litigation. The group’s active client base spans the aviation, financial services, food and beverages, telecoms and government sectors. The team is headed by Manuel López-Zambrana, an expert in tax controversies who assists clients with complex US federal and Puerto Rican income tax matters and with obtaining Puerto Rican tax incentives for manufacturing and IP licensing activities. Another key individual is of counsel Edwin Figueroa Alvarez, who provides support to start-ups and businesses on the tax aspects of establishing operations in Puerto Rico.
Banco Popular of Puerto Rico
FirstBank Puerto Rico
AT&T of Puerto Rico
Fundación Angel Ramos
Adsuar Muñiz Goyco Seda & Pérez-Ochoa
The tax law group at Adsuar Muñiz Goyco Seda & Pérez-Ochoa advises on matters ranging from tax incentives and exemptions, pensions and estate planning to local and international tax regulations, compliance and tax litigation before the Puerto Rico Treasury Department, local municipalities and the Municipal Revenue Collection Centre. Senior counsel Ricardo Muñiz brings over 40 years of experience in the practice area. César Rosario-Vega specialises in employee benefit plans.
Casillas Santiago & Torres LLC
The tax practice at commercial and business law boutique Casillas Santiago & Torres LLC specialises in such matters as tax consulting and litigation, tax audits, Puerto Rico tax credits and incentives, complex transactions and reorganisations, and administrative agency proceedings. The practice is led by Luis Torres-Marrero, who also heads the corporate practice and brings a background in various roles at the Puerto Rico Treasury Department. Miguel Santiago-Rivera handles matters related to corporate tax and employee benefits.
With a tax team that includes certified public accountants, Ferraiuoli LLC assists financial institutions, start-ups and domestic and multinational corporates with a wide range of matters, from employee benefits, estate and asset protection planning, and tax controversies to tax credits and incentives and tax planning strategies. The team is headed by Pedro Notario, who devises tax and corporate structures for clients which are expanding their operations locally. Other key figures include René Avilés-García, who leads the taxes and employee benefits practice group, and Angel Morales-Lebrón, who assists with such matters as corporate income taxes, industrial tax incentives, tourism incentives and film incentives.
Goldman Antonetti & Córdova
The tax group at Goldman Antonetti & Córdova provides a comprehensive service, advising clients on matters ranging from employee benefits, federal taxation of operations in Puerto Rico, income taxes, municipal taxes and tax-exempt financing to tax incentives, US customs duties, and administrative and judicial tax litigation. Rebecca Cuevas-Fontán, a specialist in local and state issues, is the key contact.
Reichard & Escalera
Providing local, federal and international tax advice, the tax team at Reichard & Escalera offers a comprehensive service to a broad client base including start-ups and multinational corporates, assisting businesses at every phase of their life cycles, from initial tax planning and the tax aspects of M&A and restructurings to the winding down of operations. In addition, the team provides support in disputes with the tax authorities. As well as litigation, Carlos Serrano has experience in income taxation of foreign and resident entities, and industrial, tourism and urban development incentives.