Newsletter:

Tax Events - February 2020 (Updated)

February 07 2020

January 31 *

New Extended Due Date as per CC RI 20-02 for the following:

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

Income Tax Withholding Deposit, monthly depositors, for the month of December (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 tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of December (Form 480.9).

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of December (Form 480.31).

Deposit of 4th Quarter Estimated Income Tax Installment for US and PR Individuals (Payment Voucher 1040-ES for US and 480.E-1 for PR).

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

January 31, 2020

4th Installment

April 30, 2020

3rd Installment

July 31, 2020

2nd Installment

September 30, 2020

1st Installment

February 10

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

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

February 17

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

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

Income Tax Withholding Deposit, monthly depositors, for the month of January (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 tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of January (Form 480.9).

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of January (Form 480.31).

Payment of third installment of estimated 2019 Personal Property Tax. (Electronic filing through www.crimpr.net 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

February 29, 2020

4th Installment

May 31, 2020

3rd Installment

August 31, 2020

2nd Installment

October 31, 2020

1st Installment

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

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

2018 PR Corporation Income Tax Return (480.20) and Exempt Business Income Tax Return (480.30(II)) for the year ended October 31, 2019. *****

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

February 20

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

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

February 28

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

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on March 31, 2019 (with six-month extension, pursuant to Administrative Determination 18-07).

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

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on April 31, 2019 (with six-month extension, pursuant to Administrative Determination 18-07).

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

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 file transmittal of withholdings statement form of wages and tax statements, “Annual Reconciliation of FICA Tax Withheld” (Form W-3PR). (Electronic filing through www.SSA.gov/BSO online site.)

Last day to file report to the IRS Miscellaneous Income paid to US resident (Form 1099 – Misc.). (Electronic filing through www.efile4biz.com online site.)

PR Gift Tax Informative Return for gifts received during calendar year 2019 in excess of the $10,000 annual exclusion per donee.  This deadline applies to the donee if the donor did not file the return by January 31, 2020. (Form SC 2788 B) pursuant to Administrative Determination 19-02. (Electronic filing through SURI online site.)

Last day to electronic filing through SURI online site the following forms:

  • Annual Informative Returns of income not subject to withholding including debt discharge (Form 480.6A). ****
  • Income subject to withholding (Form 480.6B). ****
  • Annual Reconciliation Statement of income subject to withholding (Form 480.6B.1). ****
  • Exempt income and exempt income subject to alternate basic tax including debt discharge (Form 480.6D). ****
  • Informative return transactions made by electronic means (Form 480.6G) (NEW). ****
  • Informative return services rendered (Form 480.6SP) (NEW). ****
  • Annual Reconciliation Statement of services rendered (Form 480.6SP.2) (NEW). ****
  • Informative return individual retirement account (Form 480.7). ****
  • Informative return educational contribution account (Form 480.7B). ****
  • Annual Reconciliation Statement of individual retirement account and educational contribution account (Form 480.7B.1). ****
  • Informative return retirement plans and annuities (Form 480.7C) (only when reporting distributions). ****
  • Informative return advertising, insurance premiums, telecommunication, internet access and cable or satellite television services (Form 480.7E) (NEW). ** & ****
  • Summary of the Informative Returns (Form 480.5). ****

IMPORTANT

* Pursuant to CC RI 20-02, due to the earthquakes suffered in Puerto Rico, various tax deadlines for filings and/or deposits were extended from the original due dates falling from January 7 through January 30, 2020 to the new due dates of January 31, 2020 (for payroll related returns, declarations or forms and/or income taxes estimated or withholding payments; as well as the Monthly Excise Tax and Sales and Use Tax returns together with the Bi-monthly Sales and Use Tax Deposit) and March 16, 2020 (for income tax returns, and their extensions, originally due January 15, 2020).

** Pursuant to DA 19-08, the 2019 Form 480.7E must be filed by the payors (i.e., the customers), but note that PR’s Court of First Instance recently ruled DA 19-08 unconstitutional.

*** Pursuant to BI RI 20-02, the new due date for the filing of the Sale and Use Tax return, Withholding Payments, Donation and Trust Returns, and License Fees originally due on February 20th will now be March 3, 2020.  This is due to the launching of Phase 3 of SURI scheduled for February 24th.

**** Pursuant to BI RI 20-02, the new due date for the filing of informative returns originally due on February 28th will now be March 3, 2020.  This is due to the launching of Phase 3 of SURI scheduled for February 24th.

***** Pursuant to BI RI 20-02, the new due date for the filing of Income Tax Returns or Estimated Payments originally due on February 17th will now be March 16, 2020.  This is due to the launching of Phase 3 of SURI scheduled for February 24th.