Newsletter:

Tax Events - January 2020

December 30 2019

January 1

Date of assessment for personal and real property located in Puerto Rico for fiscal year 2020-2021.

Second Installment due for 2019-2020 real property tax. Discounts apply for prompt payment where payment for maximum discount needs to be made by January 31st

Volume of Business Tax Declaration (“Patente”) – Second Installment due for 2019-2020 (payment without discount can be made within first 15 days of the month).

January 10

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

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

January 15

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).

FICA monthly depositors, for the month of December (Form 941) (electronic filing through EFTPS 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

2018 PR Informative Income Tax Return for Entities (480.20(EC)) with year ended October 31, 2019.

Request of 6-month extension to file 2018 PR Informative Income Tax Return for Pass-Through Entities with fiscal year ended October 31, 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 September 30, 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 September 30, 2019 (Form SC 2644).

Quarterly Return of Chauffeur’s Insurance Payment.

January 20

Second Installment of the Annual Payroll to the State Insurance Fund of Puerto Rico 2019-2020 related to the Workmen’s Compensation Insurance Premium (CFSE 693).

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

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

January 31

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

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).

PR Gift Tax Return for gifts made during calendar year 2019 in excess of the $10,000 annual exclusion per donee (Form SC 2788 B) (Electronic filing through SURI online site).

Last day to furnish to each employee Copies B and C of the Withholding Statement (W-2 PR) and to file Copy A together with Annual Reconciliation Statement (499R-3).

Request for automatic extension (30 days) to file the Annual Reconciliation Statement (499R-3).

Annual Informative Return to report Mortgage Interest (Form 480.7A).

Mail Orders Sales Informative Return (Form 480.6E) (New).

Automobile Lease Payments Informative Return (Form 480.7D).

Last day for qualified entities to provide the necessary information to their clients for the Form 480.7E.*

Employer’s Quarterly Return of Income Tax Withheld for the quarter ended December 31, 2019 (Form 499 R-1B).

FICA Quarterly Tax Return (941-PR) and FUTA Tax Return (940-PR) for the quarter ended December 31, 2019.

PR Unemployment and Disability Contribution Report for the quarter ended December 31, 2019 (Form PR-UI-10 and PR-UI-10A) (electronic filing also available).

Quarterly Excise Tax Return pursuant to Act 154 from 2010 (Form 480.36Q).

Quarterly Return of Tax Withheld on Payments for Services Rendered (Form 480.SP-1).

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

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on March 31, 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 September 30, 2019, if Income Tax Return was filed in December.

IMPORTANT

* Pursuant to DA 19-08, the Advertising, Insurance Company, Telecommunication, and Internet/Cable/Satellite entities do not need to issue Form 480.7E to their customers until 2021, but they are required to furnish the applicable reportable information to their customers. For the February 2020 filing, the payors (i.e., the customers) are the ones responsible for the electronic filing of the form.