Newsletter:

Tax Events - October 2019

October 01 2019

October 1 

Pursuant to Administrative Determination 19-03 (“AD 19-03”), date by which the certified merchant may commence collecting the reduced SUT rate from 11.5% to 7% for restaurants and the sale of prepared foods, carbonated beverages, pastries, and candy; if the certification of “Authorized Business – Reduced Rate on Prepared Food” was obtained. 

October 10 

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

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

October 15 

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

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

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

Chauffeurs Social Security 4th quarter payment (Form TSCH-1). 

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 September (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

October 31, 2019     

4th Installment

January 31, 2020

3rd Installment

April 30, 2020

2nd Installment   

June 30, 2020

1st Installment

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

US Individual Income Tax Return (Form 1040 and 1040PR) for calendar year 2018; only for those who timely requested an Automatic Extension of Time (6 months) (Form 4868).

US Corporate Income Tax Return (Form 1120) for calendar year 2018; only for those who timely requested an Automatic Extension of Time (6 months) (Form 7004).

PR Individual Income Tax Return electronic filing (Form 482.0) for calendar year 2018; only for those who timely requested an Automatic Extension of Time (6 months) (Form SC 2644).

Deposit second installment for individuals eligible for the two-installment payment plan for 2018 tax responsibility.

Last day for individuals to contribute to an Individual Retirement Account and take the deduction on the 2018 PR Individual Income Tax Return; only for those who timely requested an Automatic Extension of Time (6 months) (Form SC 2644). 

PR Corporation Taxable (Form 480.20), Incentives (Form 480.30(II)), Non for Profit (Form 480.7 (OE)) & Fiduciary Estate & Trust (Form 480.80) Income Tax Returns for calendar year 2018; only for those who timely requested an Automatic Extension of Time (6 months) (Form SC 2644).

PR Composite Return Partners and Individual Members of Partnerships and Limited Liability Companies (Form 482.0(C)) for the taxable year ended December 2018; only for those who timely requested an Automatic Extension of Time (6 months) (Form SC 2644).

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

PR Corporation income tax return (Form 480.20) and Exempt Business Income Tax Return (Form 480.30(II)) for the year ended June 30, 2019.

Annual Return of Employee Benefit Plan with 2 ½ months extension (Form 5500).

Exempt Annual Report to be filed with OECI (electronic filing through website) – Pass-Through Entities (Partnership, Special Partnership and Corporation of Individuals); only for those who timely requested an Automatic Extension of Time (6 months).

2019-2020 Municipal License Tax Declaration (Form OCAM PA01); only for those who timely requested a 6-month extension.

October 21

Sales and Use Tax Monthly Return (Form SC 2915) for the month of September (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).

October 31

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

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 November 30, 2018. 

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

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on December 31, 2018.

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

Employer’s Quarterly return of income Tax Withheld for the quarter ended September 30, 2019 (Form 499 R-1B).

P.R. Unemployment and Disability Contribution Report (Forms PR UI-10, PR UI- 10A, PR-SD-10, and PR-SD-10A).

FICA Quarterly Tax Return for the Quarter ended September 30, 2019 (Form 941-PR)

Last day to filing of the new “Quarterly Return of Tax Withheld on Payments for Services Rendered” showing the payments made for professional services subject to PR income tax withholding pursuant to Section 1062.03 and the corresponding income tax withheld and remitted during the quarters ended July 31, 2019, August 31, 2019 and September 30, 2019; pursuant to the provisions of CC RI 19-10. (NEW Electronic filing through SURI online site and Form 480.6SP-1).