Author: Galíndez LLC

03 Feb Moratorium of Payment Plans for Employees of US Federal Government Affected by the Shutdown

Posted at 10:00h in News

The PRTD issued the Internal Revenue Circular Letter Number 19-01 on January 23, 2019, to approve a moratorium on the payment plans with the PRTD for those federal employees affected by the closure of the Federal Government (“Affected Taxpayer”).  Accordingly, the Affected Taxpayer will not...

Read More

01 Feb 2018 Non-Withholding Agents Annual Report Due Date Postponement

Posted at 10:00h in News

Pursuant to Section 4041.03 of the PR Code, every merchant who is not a withholding agent for sales and use tax (“SUT”) purposes shall send a notice, on or before January 31 of each year, to all Puerto Rico purchasers who acquired merchandised from said...

Read More

01 Feb 2019 Applicable Limits for Qualified Retirement Plans under §1081.01(a) of the Code

Posted at 00:00h in News

On December 31, 2018, the PRTD issued Internal Revenue Circular Letter 18-21, to notify the applicable limits to qualified retirement plans for the tax year 2019. For more detail on such limits, please use the following link: [button size='' style='' text='LEARN MORE' icon='' icon_color='' link='http://hacienda.pr.gov/publicaciones/carta-circular-de-rentas-internas-num-18-21-cc-ri-18-21'...

Read More

05 Jun Employee Retention Credit for Employers Affected by Hurricanes Irma and María

Posted at 00:00h in News

* Certain requirements and conditions apply. Please see below for more information. ** Portal was supposed to be available as of June 1, 2018; however, it is not operational yet. We understand it shall be available in the next following days.   Background The Disaster Tax Relief and Airport...

Read More

03 Apr Treasury Provides Guidelines for Extension and Waiver of Penalties

Posted at 00:00h in News

The Treasury Department (the “Department”) issued Administrative Determination No. 18-07 (the “Determination”). The Determination basically discusses two items. First, it extends the automatic extension terms from three to six months. Second, it provides some guidelines to request the waiver of additions to the tax for...

Read More

05 Mar Treasury Issues Guidelines to Report Losses for Tax Purposes

Posted at 00:00h in News

Treasury issued Administrative Determination 18-05 (“Determination”), which provides how individuals will claim any losses suffered as consequence of Hurricane María. The determination is aimed at individual losses not related to a trade or business. In the case of individuals the Puerto Rico Internal Revenue Code of...

Read More

02 Mar Extension to File Informative Returns Approved

Posted at 00:00h in News

On March 1, 2018, the Treasury issued Informative Bulletin 18-08 (“the Bulletin”) with the purpose of extending the due date for the Informative Returns (Declarations) for the 2017 tax year, until March 6, 2018.   The extension covers only the Declarations indicated below: Form 480.6A "Informative Return...

Read More

01 Mar Closing of Taxable Years by Closing Agreements with the PR Treasury Dept

Posted at 00:00h in News

On February 12, 2018, the Supreme Court of Puerto Rico published their most recent tax case, Demeter International v. Secretario de Hacienda, 2018 TSPR 21. In summary, the Puerto Rico Department of Treasury (“the Treasury”), notified tax deficiencies to Demeter International Inc. (“the Taxpayer”), for...

Read More

03 Feb Procedure to Claim Mortgage Interest Deduction for Taxpayer Who is Not a Debtor or Co-Debtor

Posted at 00:00h in News

The Treasury issued on January 30, 2018, the Internal Revenue Circular Letter No. 18-01 to establish the procedures and documents required to claim the deduction of mortgage interest paid or accumulated by a person other than the mortgage loan debtor or co-debtor. To be eligible...

Read More

30 Jan 2017 Income Tax Returns are Released

Posted at 00:00h in News

On January 30, 2018, the Puerto Rico Treasury Department (“Treasury”) issued Internal Revenue Informative Bulletins 18-04, 18-05 and 18-06 to announce the release of the Spanish version of the following 2017 income tax returns with their corresponding instructions and schedules: Form 482.0 – Individual Income...

Read More