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Newsletter:

Tax Events - September 2020

September 01 2020

September 10

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

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

September 15

First installment of estimated 2020 Personal Property Tax (previously due August 17th, 2020) pursuant to Administrative Order 2020-12. (Electronic filing through www.crimpr.net online site.)

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

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

Employer’s Income Tax Withholding Deposit, monthly depositors, for the month of August (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 August (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 August (Form 480.9).

US Individual Estimated Income Tax Payment for 2020 - Third Installment (Form 1040 ES).

US Corporate Estimated Income Tax Payment for calendar year taxpayers 2020 – Third Installment (electronic filing through Electronic Federal Tax Payment System – EFTPS).

PR Individual Estimated Income Tax Payment for 2020 – generally, 3rd installment payment, but, pursuant to Administrative Determination 20-10, the installment must also consider a portion of the first and second estimated tax installments for the year 2020 which were moved to the 3rd and 4th installment deadlines in response to the COVID-19 pandemic (electronic remittance through SURI online site).

Deposit of PR Estimated Income Tax by Corporations (except years ending March 31st and May 31st 2021) and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (electronic remittance through SURI online site)*:

FISCAL YEAR

INSTALLMENT

September 30, 2020

4th Installment

December 31, 2020

3rd Installment

March 31, 2021

2nd Installment

May 31, 2021

1st Installment

Deposit of 1st Installment Estimated Income Tax for corporations with fiscal year ending May 31st and the 2nd installment for the fiscal year ending March 31st, 2021 (electronic filing through SURI online site). NEW DUE DATE February 15th, 2021 and/or May 15th, 2021.*

Deposit of 2nd Installment Estimated Income Tax for corporations with fiscal year ending March 31st, 2021 (electronic filing through SURI online site). NEW DUE DATE December 15th, 2020 and/or March 15th, 2021.*

US Return on Partnership Income for calendar year 2019 (Form 1065); only for those who timely requested an automatic 6-month extension (reduced to 3 months based on COVID related measures).

US Annual Information Return of Foreign Trust with a U.S. Owner for calendar year 2019 (Form 3520-A); only for those who timely requested 6-month extension (reduced to 3 months based on COVID related measures).

PR Informative Income Tax Return Pass-Through Entity (Partnership, Special Partnership and Corporation of Individuals) for calendar year 2019 (Form 480.20 (EC)); only for those who timely requested 6-month automatic extension. NEW DUE DATE January 15th, 2021 for those who timely filed an extension by July 15th, 2020.

PR Revocable Trust or Grantor Trust Informative Income Tax Return for calendar year 2019 (Form 480.80(F)); only for those who requested 6-month automatic extension. NEW DUE DATE January 15th, 2021 for those who timely filed an extension by July 15th, 2020.

September 21

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

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

September 30

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

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 August 17th, 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.