Newsletter:

Tax Events - March 2020

March 02 2020

March 3

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

All informative statement (Forms 480.5, 480.6A, 480.6B, 480.6B.1, 480.6D, 480.6G, 480.6SP, 480.6SP.2, 480.7, 480.7B, 480.7B.1, 480.7C and 480.7E) whose expiration date was February 28, 2020. **

March 10

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

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

March 16

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). ***

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, originally due on February 17, 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, originally due on February 17, (Form 480.36). ***

Deposit tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of January, originally due on February 17, (Form 480.9). ***

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of January, originally due on February 17, (Form 480.31). ***

Deposit of Estimated Income Tax by Corporations and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (voucher 480.E-1), originally due on February 17. ***

FISCAL YEAR

INSTALLMENT

February 29, 2020

4th Installment

May 31, 2020

3rd Installment

August 31, 2020

2nd Installment

October 31, 2020

1st Installment

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

Deposit of 4% monthly excise tax in 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 February (Form 480.9). (Electronic filing through SURI online site.)

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

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

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

Deposit of Estimated Income Tax by Corporations, LLC’s Partnerships, Special Partnerships and Corporations of Individuals (voucher 480. E-1):

FISCAL YEAR

INSTALLMENT

March 31, 2020

4th Installment

June 30, 2020

3rd Installment

September 30, 2020

2nd Installment

November 30, 2020

1st Installment

PR Corporation Income Tax Return (Form 480.20) and Exempt Business Income Tax Return (Form 480.30(II)) for the year ended November 30, 2019; or request 6-month automatic extension to file using Form SC 2644. (NEW: Electronic filing through SURI online site for Form 480.20 and Form SC 2644). ****

US Return on Partnership Income for calendar year 2019; or request automatic 6-month extension using Form 7004.

Form 3520-A, US Annual Information Return of Foreign Trust with a U.S. Owner; or request automatic 6-months extension using Form 7004.

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).

March 20

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

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

March 31

P.R. Informative Income Tax Return Pass-Through Entity (Partnership, Special Partnership and Corporation of Individuals) for calendar year 2019 using Form 480.20 (EC); or request 6 months extension to file, using Form SC 2644. (NEW: Electronic filing through SURI online site). *****

PR Revocable Trust or Grantor Trust Informative Income Tax Return for calendar year 2019 Form 480.80(F); or request 6 months extension to file, using Form SC 2644. (NEW: Electronic filing through SURI online site).  *****

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

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on April 30, 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 October 31, 2019, if Income Tax Return was filed in February.

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

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).

IMPORTANT

* Pursuant to BI RI 20-02, Sale and Use Tax return, Donation and Trust Returns and License Fees originally due between February 20, 2020 to February 24, 2020 were moved to March 3, 2020.

** Pursuant to BI RI 20-02, Informative Returns that are originally due February 28, 2020 are moved to March 3, 2020.

*** Pursuant to BI RI 20-02, Estimated Payments and Tax Withholding Payments originally due between February 12, 2020 to February 24, 2020 were moved to March 16, 2020.

****Pursuant to BI RI 20-04, Form 482, form 480.2, Form 480.2(EC), and their corresponding extension requests must be filed electronically.

***** Pursuant to CC RI 20-10, for 2019 P.R. Informative Income Tax Return Pass-Through Entity (Partnership, Special Partnership and Corporation of Individuals), the deadline will be the last day of the third month following the entity’s year end.  For example, for the calendar year ended December 31, 2019 flow through entities, the 2019 return deadline will be March 31, 2020.