IRS proposes new penalties in Amgen’s Puerto Rico tax dispute — a NAPREC perspective
Amgen disclosed that the IRS proposed additional penalties for 2016 through 2018 over profits attributed to its Puerto Rico operations, expanding a dispute in which the company is contesting $10.7 billion in earlier tax and penalty claims. Original NAPREC analysis in English and Spanish.
Puerto Rico’s new Opportunity Zone map shrinks by nearly 80% — a NAPREC perspective
Treasury and the IRS designated 178 Opportunity Zones in Puerto Rico in the latest federal round, 79.4% fewer than the 863 zones of the original program. The new designations take effect January 1, 2027, and run through December 31, 2036. Original NAPREC analysis in English and Spanish.