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About Us

We provide services for a variety of industries and levels.
From home businesses to international businesses.
Thriv LLC is a full service CPA firm in Puerto Rico providing accounting, outsourcing, business advisory, tax compliance and consulting services, and attestation services for a variety of industries.

About Us

We provide services for a variety of industries and levels.
From home businesses to international businesses.
Thriv LLC is a full service CPA firm in Puerto Rico providing accounting, outsourcing, business advisory, tax compliance and consulting services, and attestation services for a variety of industries.

Giancarlo Esquilín-Lebrón, CPA
Managing Member | Tax

Giancarlo is a tax and business advisor with ample experience in areas such as tax and legislative process. His experience includes corporate and individual taxation in United States and Puerto Rico with local and multinational CPA Firms. Giancarlo has also worked with the Puerto Rico House of Representatives.

He has led consulting and compliance work for local and international companies in several industries such as: distribution, retail, manufacturing, pharmaceutical, technology, exportation of services, gold mining, cryptoassets, among others. Giancarlo is a certifed public accountant, holds a Bachelor’s Degree in business with an accounting concentration from the University of Puerto Rico. He is a current member and active tax instructor of the PR Society of CPAs.

Taleiska M. Rodríguez-Piñero, CPA
Member | Accounting Services

Taleiska is a business and accounting advisor with experience in accounting and tax. Her experience includes internal services for accounting departments as well as experience in corporate and individual taxation with local CPA Firms. Taleiska has also worked as tax specialist for one of the top companies in Puerto Rico that develop tax software programs. She is driven to provide high-quality accounting services for small and medium business in Puerto Rico, as the lead of our outsourcing services area.

Taleiska is a certifed public accountant, holds a Bachelor’s Degree in business with an accounting concentration from the University of Puerto Rico. She is a current member of the PR Society of CPAs.

Josejuan G. Crespo, CPA, Esq.
Member | Tax Services

Josejuan Crespo is a Certified Public Accountant with over 8 years of public accounting experience delivering tax compliance and advisory services to both local and international clients. He has extensive experience in working with entities and individuals under tax incentive decrees in Puerto Rico. Before joining Thriv LLC, Josejuan was part of KPMG San Juan’s tax department for over 5 years and subsequently founded Zenith Advisors, LLC a boutique tax services firm specializing in tax incentives compliance and advisory. During 2023, Josejuan merged Zenith Advisors with THRIV.


Josejuan has also obtained a Juris Doctor Degree from University of Puerto Rico School of Law and is also a licensed attorney in Puerto Rico.


Tax Compliance

Our tax compliance services include the preparation of federal and state income tax returns for individuals, as well as the preparation of Puerto Rico Corporate Income Tax Returns, Volume of Business Declarations, Personal Property Tax Returns, and both State & Municipal Sales and Use Tax Returns.

Tax Advisory

Our tax advisory services include the analysis and design of business activities and structures in Puerto Rico to maximize any tax opportunity within our tax system. We also assist our clients with the request of tax exemption grants.


We take care of the required registrations to start a new business in Puerto Rico, including but not limited to obtaining and Employer’s Identification Number, as well as registering as new taxpayer and merchant for income tax, sales and use tax, municipal license tax, personal property tax and payroll taxes, among others.


Our outsourcing services include bookkeeping services for small and medium businesses, as well as the preparation and filing of monthly, quarterly, and annual informative tax returns for employers.


Our services include the preparation and filing of the required documentation with the Puerto Rico Department of State to incorporate a new domestic entity, formation of limited liability companies and other legal entities, or to obtain the authorization to do business of foreign entities.

Financial Statements

  • We perform audit work to provide financial statement users with an opinion on whether the financial statements are presented fairly, in all material respects. 


Review Engagements 
  • We provide services with a lesser assurance level that an audit that may help you accomplish your business needs. In a review, we perform procedures to obtain limited assurance as a basis for reporting. 


Compilation Engagements 
  • In compilation engagement, the objectives are to present in the form of financial statements information that is the representation of management. We do not perform audit or review procedures and no opinion is issued. A compilation does not provide assurance. 


Agreed Upon Procedures 
  • Agreed upon procedures engagements do not satisfy any assurance, but procedures and findings are listed. Commonly, these services are required by the Puerto Rico Treasury Department for certain taxpayers in order to maximize deductions against the net taxable income. 

Doing Business
in Puerto Rico:

Doing business in Puerto Rico may require a variety of registrations and compliance requirements for individuals and legal entities. Puerto Rico also offers significant tax incentives for individuals and businesses that cover a variety of industries. Here, we include a summary and description of the common filing requirements and responsibilities for individuals and entities doing business in Puerto Rico.

  • As general rule, pursuant Section 933 of the United States Tax Code, the income derived from sources within Puerto Rico by a Puerto Rico bona fide resident (except amounts received for services performed as an employee of the United States or any agency thereof) shall be excluded from US gross income.


  • Income tax rate for individuals in Puerto Rico could be up to 33% of net taxable income. An Alternative Basic Tax may apply, and there are reduced tax rates for certain types of income or gains.

Foreign Corporations

Taxed on worldwide Income.

  • Foreign corporations engaged in a trade or business (ETB) in Puerto Rico could be taxed on its Puerto Rico source income and effectively connected foreign source income.
  • Foreign corporations could be a branch or subsidiary of other foreign entities. in this case, a branch profit tax may apply.
  • In the case that the corporation is ETB, the company will pay their income tax with the filing for the corporate income tax return.
  • Not ETB corporations could pay its tax responsibility through withholding at source.


Limited Liability Company (LLC)

Certain Limited Liability Companies may elect to be treated as flow-through entities for Puerto Rico income taxes.


Tax Rates

  • The normal tax rate for corporations is 20% of net taxable income plus an additional tax of up to 19%, for a maximum rate of 39%.
  • An alternative minimum tax of 30% may apply.
  • The branch profit tax for certain foreign corporations is 10%.
  • Reduced tax rates may apply for certain types of income or gains.


Corporate Annual Report

Every corporation operating in PR must file with the Puerto Rico Department of State a Corporation Annual Report. This report is essentially an informative return and requires the names of officers and directors, as well as a balance sheet as of the close of the taxpayer’s fiscal year.


Audited Financial Statements

Generally, an audit of the PR operations must be performed if the PR gross receipts are more than $3,000,000.  The audited financial statements (i.e., Balance Sheet, Profit & Loss Statement and Statement of Cash Flows) must be issued by a Certified Public Accountant (“CPA”) licensed to practice in PR.


However, for purposes of the PR General Corporation Law, every foreign corporation is required to submit, along with its Corporation Annual Report, a balance sheet showing only the assets and liabilities of the PR operations, regardless of the corporation’s gross receipts.  The balance sheet should also be certified by a CPA licensed in PR.

Puerto Rico Sales and Use Taxes

Puerto Rico has a hybrid indirect tax system, considering that the sales and use tax (“SUT”) is paid at entry and not necessarily at the point of sale. Generally, there are two tax rates related to SUT:

  • 11.5% (10% State SUT + 1% Municipal SUT), that generally applies on the sale and use of tangible personal property and certain taxable services; and
  • 4% State SUT, that generally applies to the sale and use of designated professional services and services rendered between businesses.


Note that the provisions set forth in the Puerto Rico Tax Code to determine if a company has nexus in PR for SUT purposes are different and broader than the provisions established to determine if a company is ETB in PR for income tax purposes. As such, there could be instances where a company may not be ETB in PR for income tax purposes, but could still be required to register for SUT purposes if it meets with certain conditions.


Municipal License Tax

The Municipal License Tax Act (MLTA) establishes the requirements for determining wheter a business or industry is subject to municipal license tax. The MLTA generally provides that every person engaged for profit in the rendering of any service, in the sale of goods, in any financial business or in any industry or business in Puerto Rico will be subject to municipal license tax.


The municipal license tax rates vary among municipalities, but may not exceed fifty hundredths of one percent (0.5%) for industries dedicated to the sale of goods or services, or one point five percent (1.5%) for financial businesses.


Property Tax

The Municipal Property Tax Act (MPTA) states that every person engaged in trade or business in Puerto Rico who on January 1st of each year is the owner of personal property used in the industry or business, even if such property is leased to another person (not ETB in PR), will be responsible for the payment of personal property tax.


The maximum tax rate is 9.83% and varies depending on the municipality in which the taxable property is located. Personal property tax normally includes cash on hand, inventory, materials, machinery and equipment, furniture and fixtures, and personal leasehold improvements.


Payroll Taxes

Employer’s in Puerto Rico may be responsible for the payment and compliance of the following payroll taxes:


  • Withholding taxes on salaries and wages;
  • Federal Social Security;
  • State Unemployment Tax (“SUTA”)
  • Federal Unemployment Tax (“FUTA”)
  • Disability Insurance;
  • Workmen’s Accident Compensation Insurance; and
  • Chauffeurs’ Social Security.


THRIV Alerts

Changes in legislation | Puerto Rico Tax Alerts

Year 2017


Exención sobre Pagos Cualificados por Concepto de Asistencia por Desastre


Compliance with Tax Incentive Grants after Hurricane Maria


El ABC de la Exención Temporera de IVU a PYMES


Senado evalúa nuevo crédito contributivo para individuos y comercios


Incentivo para Pequeñas y Medianas Empresas por Cumplimiento con el IVU

Year 2018


2018 Waiver Certificate for Withholding Tax on Services


Beneficio por Retención de Empleados a Patronos Afectados por los huracanes Irma y María

Let's Talk

(787) 957-3275
(787) 957-3274


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1519 Ave. Ponce de Leon
Suite 806 San Juan, PR 00909

P.O. BOX 29942
San Juan, PR 00929

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