Newsletter:

Tax Alert - December 2019

November 27 2019

December 2

Last day to submit claim to PR Department of Labor for total or partial exemption from paying Christmas bonus.

December 10

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

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

December 13

Last day to pay Christmas bonus required by Act 148 of June 30, 1969, as amended.

December 16

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

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

Employer’s Income Tax Withholding Deposit, monthly depositors, for the month of November (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 November (Form 480.31). (Electronic filing through SURI online site).

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

FISCAL YEAR

INSTALLMENT

December 31, 2019

4th Installment

March 31, 2020

3rd Installment

June 30, 2020

2nd Installment

August 31, 2020

1st Installment

Deposit of income tax withheld on distributable share of partners or shareholders of Pass-Through Entities for the calendar year (Form 480.9EC).

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

2018 PR Informative Income Tax Return for Entities (Form 480.20(EC)) with year ended September 30, 2019.

Request 6-month extension to file 2018 PR Informative Income Tax Return for Pass-Through Entities (Form SC 2644) with fiscal year ended September 30, 2019.

2018 PR Corporation income tax return (Form 480.20) and Exempt Business Income Tax Return (Form 480.30(II)) for the year ended August 31, 2019.

Request 6-month extension to file 2018 PR Corporation income tax return and Exempt Business Income Tax Return (Form SC 2644) for Entities with fiscal year ended August 31, 2019.

December 20

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

Sales and Use Tax Monthly Municipal Return for the month of November (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).

December 31

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

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).

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on January 31, 2019 that timely filed their 6-month income tax return extension.

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on July 31, 2019, if Income Tax Return was filed in November.

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on February 28, 2019 that timely filed their 6-month income tax return extension.

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