As a result of Executive Order No. OE-2020-020 issued on March 12 by the Governor of Puerto Rico, in which Puerto Rico was declared in a state of emergency due to COVID- 19 impact, the Puerto Rico Treasury Department (Treasury) issued Administrative Determination No. 20-03...
As experienced after Hurricane María, the PRTD issued Internal Revenue Circular Letter No. 20-08 (“CC 20-08”), providing for a temporary exclusion of gross income to certain disaster relief payments made by an employer to an employee as a result of the January Earthquakes. As defined by...
Pursuant to Internal Revenue Circular Letter CC RI 20-09 (“the Letter”) eligible individuals can make withdrawals from their qualified retirement plans or individual retirement account, as a result of the earthquakes at the beginning of 2020, to correct any losses or damages suffered by such...
On February 24, 2020, the PRTD completed the third phase of the transition to the SURI platform. As part of this phase, several accounts and procedures are now required to be completed through the SURI account. Accordingly, we encourage you to access your...
Pursuant to the Internal Revenue Circular Letter 19-15, every taxpayer will be required to electronically file their extension request for 2019 Income Tax Return through SURI. Individual taxpayers may file the extension request without requiring to log-in to their SURI accounts. All other...
INDIVIDUALS For 2019, the electronic filing of the income tax return (“return”) could be completed through the “Income Tax” account in SURI or through a private Certified Program. These Certified Programs can be accessed through the PRTD website and will be free of charge until...
On December 30, 2019, the PRTD issued Internal Revenue Circular Letter 18-21, to notify the applicable limits to qualified retirement plans for tax year 2019. Please contact us for additional information or assistance. READ THE ORIGINAL PUBLICATION FROM PRTD ...
The PR Code was amended by Act No. 257 of 2018, to establish the requirement to submit an AUP or a Compliance Attestation Report prepared by a Certified Public Accountant (“CPA”) with current license in Puerto Rico (hereinafter “CPA Report”). On the referred reporting, the...
n response to a recent court case, the PRTD issued the Internal Revenue Circular Letter 20-17 (“Letter”) to notify the release of the new Form 480.7F – Annual Declaration of Payments Received on Advertising, Insurance Premiums, Telecommunication, Internet Access and Cable or Satellite Services (“Annual...
Act No. 257 was enacted on December 2018 and made substantial changes to the Puerto Rico Internal Revenue Code of 2011, as amended (“the PR Code”). Under the new rules, if a company or self-employed individual want to deduct certain items, it will be required...