Newsletter:

Tax Events - August 2020 (Updated)

July 31 2020

August 1

End of Back-to-School sales tax holiday (previously due July 12 thru July 13). Please refer to Circular Letter 20-31 and Administrative Determination 20-18 for more information. NEW DUE DATE August 4th, 2020

August 4

End of Back-to-School sales tax holiday (previously due July 12 thru July 13). Please refer to Circular Letter 20-31 and Administrative Determinations 20-18 and 20-20 for more information (previously August 1st, 2020).

2019 PR Personal Property Tax Return (Form AS 29-I) or request for 3-month extension. (Electronic filing through www.crimpr.net online site) (revised deadline pursuant to Administrative Order 2020-10). NEW DUE DATE August 7th, 2020.

Payroll declaration for Workmen’s Compensation Insurance (CFSE 693) (previously July 20th, 2020). NEW DUE DATE August 14th, 2020.

August 7

2019 PR Personal Property Tax Return (Form AS 29-I) or request for 3-month extension. (Electronic filing through www.crimpr.net online site) (revised deadline pursuant to Administrative Order 2020-11) (previously August 4th, 2020).

Tax payments or remittances, returns, declarations, forms, bi-monthly sales and use tax remittance, excise taxes, estimated taxes, originally due by July 31st, 2020 moved to August 7th in light of tropical storm (see Administrative Determination 20-20 for more details).

August 10

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

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

August 14

Payroll declaration for Workmen’s Compensation Insurance (CFSE 693) (previously August 4th, 2020).

August 17

2019 Corporate Annual Report and LLC annual fees filed with the Puerto Rico Department of State (electronic filing) as per revised COVID- and now storm-related deadline relief (Administrative Order 2020-8). Corporations may file for an extension until October 31st, 2020 after paying a $30 fee (electronic filing).

First installment of estimated 2020 Personal Property Tax. (Electronic filing through www.crimpr.net online site.) NEW DUE DATE September 15th, 2020 pursuant to Administrative Order 2020-12.

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

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

Income Tax Withholding Deposit, monthly depositors, for the month of July (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 July (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 July (Form 480.9).

Deposit of Estimated Income Tax by Corporations (except years ending February 29th and April 30th 2021) and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (electronic filing through SURI online site):

FISCAL YEAR

INSTALLMENT

August 31, 2020

4th Installment

November 30, 2020

3rd Installment

February 29, 2021

2nd Installment

April 30, 2021

1st Installment

Deposit of 1st Installment Estimated Income Tax for corporations with fiscal year ending April 30th, 2021 (electronic filing through SURI online site). NEW DUE DATE January 15th, 2021 and/or April 15th, 2021.*

August 20

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

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

August 31

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

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 applicable entities which were required to file their PR income tax return by July 15th, 2020 and, if eligible to do so, did not file a request for extension by such deadline.

IMPORTANT:

*Pursuant to Administrative Determination 20-10, the first and second estimated tax installments for the year 2020 may be remitted with the third and fourth installments without incurring penalties in response to the COVID-19 pandemic.