Newsletter:

Tax Events - September 2019

September 03 2019

September 3

Bi-monthly Sales and Use Tax Estimated Payments for those who are regarded as a Large Taxpayers pursuant to PR IRC Section 1010.01(a)(35); and whose average monthly SUT deposited during the previous calendar year exceeded $2,000 (Electronic filing through SURI online site).

September 10

Use Tax on Imports Monthly Returns (Form SC 2915.1 D) for the month of August (Electronic filing through SURI online site).

Monthly Excise Tax Return and payment (Form SC 2225) (Electronic filing through SURI online site).

September 16

Deposit of 10% or 6% of income tax withheld from payments made during August for services rendered (Payment Voucher 480.9A) (Electronic filing through SURI online site).

FICA monthly depositors, for the month of August (Form 941) (Electronic filing through EFTPS online site).

Employer’s Income Tax Withholding Deposit, monthly depositors, for the month of August (Form 499 R-1B) (Electronic filing through SURI online site).

Bi-monthly Sales and Use Tax Estimated Payments for those who are regarded as a Large Taxpayer pursuant to PR IRC Section 1010.01(a)(35); and whose average monthly SUT deposited during the previous calendar year exceeded $2,000. (Electronic filing through SURI online site).

Deposit of 4% monthly excise tax on foreign entities (Form 480.36).

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of August (Form 480.31). (Electronic filing through SURI online site).

Deposit tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of August (Form 480.9).

US Individual Estimated Income Tax Payment for 2019 - Third Installment (Form 1040 ES).

US Corporate Estimated Income Tax Payment for calendar year taxpayers 2019 – Third Installment (Electronic filing through Electronic Federal Tax Payment System – EFTPS).

PR Individual Estimated Income Tax Payment for 2019 - Third Installment Payment (Form 480-E.1).

Deposit of PR Estimated Income Tax by Corporations (voucher 480. E-1) and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (voucher 480.9EC):

FISCAL YEAR

INSTALLMENT

September 30, 2019

4th Installment

December 31, 2019

3rd Installment

March 31, 2020

2nd Installment

May 31, 2020

1st Installment

US Return on Partnership Income for calendar year 2018 (Form 1065); only for those who timely requested an automatic 6-month extension using Form 7004.

US Annual Information Return of Foreign Trust with a U.S. Owner for calendar year 2018 (Form 3520-A); only for those who timely requested 6-months automatic extension using Form 7004.

PR Informative Income Tax Return Pass-Through Entity (Partnership, Special Partnership and Corporation of Individuals) for calendar year 2018 (Form 480.20 (EC)); only for those who timely requested 6-month automatic extension using Form SC 2644.

PR Revocable Trust or Grantor Trust Informative Income Tax Return for calendar year 2018 (Form 480.80(F)); only for those who requested 6-month automatic extension using Form SC 2644.

September 20

Sales and Use Tax Monthly Return (Form SC 2915) for the month of August (Electronic filing through SURI online site).

Sales and Use Tax Monthly Municipal Return for the month of August (depending on the municipality, electronic filing through Municipal Financing Corporation “COFIM” www.cofim.pr.gov; electronic filing through independent/separate municipality platforms; or paper filing).

September 23

Pursuant to Administrative Determination 19-03 (“AD 19-03”), deadline by which eligible taxpayers should automatically receive the certification of “Authorized Business – Reduced Rate on Prepared Food” to reduce the SUT to be collected from an 11.5% to 7% for restaurants and the sale of prepared foods, carbonated beverages, pastries, and candy. If not automatically received, eligible taxpayers may request it from this day until October 1st, 2019, i.e., date by which the certified merchant may commence collecting the reduced rate.*

September 30

Affirmative Declaration of Transactional Accounts for applicable requests or extensions of credits approved by the financial business during the month of August.

Bi-monthly Sales and Use Tax Estimated Payments for those who are regarded as a Large Taxpayers pursuant to PR IRC Section 1010.01(a)(35); and whose average monthly SUT deposited during the previous calendar year exceeded $2,000 (Electronic filing through SURI online site).

Last day to apply for Act 14 benefits only for doctors who are residents of Puerto Rico, pursuant to Section 2021.03(a) of the Economic Incentive Code of Puerto Rico (Act 60 of July 1, 2019).

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on October 31, 2018.

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on April 30, 2019, if Income Tax Return was filed in August.

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on November 30, 2018.

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with year ended on May 31, 2019, if Income Tax Return was filed in August.

IMPORTANT

* The certification of “Authorized Business – Reduced Rate on Prepared Food” applies for businesses that process food, like restaurants and food trucks. To get the certification the business must:

  1. Have an up to date sales and use tax Merchant’s Certificate
  2. Be in compliance with sales and use tax return filings
  3. Have no tax debts outstanding with PR Treasury Department
  4. Maintain a Fiscal Terminal at each point of sales even if not required to have one based on standard requirements (see Administrative Determination 15-20)

For more information please refer to the AD 19-03.