News Archives - Page 9 of 12

14 Mar Special Disaster Distributions Allowed at a Preferential Tax Rate from Retirement Plans

Posted at 17:25h in News

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...

14 Mar Transition to SURI

Posted at 17:21h in News

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...

14 Mar Extension Requests for 2019 Income Tax Returns

Posted at 17:18h in News

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...

13 Mar Electronic Filing Procedures for the 2019 Income Tax Returns

Posted at 17:11h in News

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...

12 Mar Applicable Limits for Qualified Retirement Plans under §1081.01(a) of the PR Code

Posted at 17:07h in News

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 ...

12 Mar Agreed Upon Procedures Required to Claim Certain Deductions for the 2019 Income Tax Returns

Posted at 17:05h in News

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...

11 Mar New Annual Informative Declaration for Payments Received on Advertising, Insurance Premiums, Telecommunication, Internet Access and Cable or Satellite Services

Posted at 16:55h in News

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...

02 Mar Informative Returns Now Due on March 31, 2020

Posted at 20:01h in News

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...

13 Jan Due Dates Extended as a Result of the Recent Earthquakes

Posted at 12:32h in News

On January 8, 2020, the PRTD issued the Internal Revenue Circular Letter No. 20-02 (“Circular Letter”) to extend the due dates for several returns, declarations and payments of certain taxes due up to January 30, 2020. The extended due dates are as follows: Extended until January...

11 Jan Jan 2020 Sales and Use Tax Exemption on Foods

Posted at 00:00h in News

On January 9, 2020, the Puerto Rico Treasury Department (PRTD) issued the Administrative Determination 20-01 (“Determination”) to temporarily exempt certain items (foods) acquired by natural persons from sales and use tax due to the recent seismic activity experienced through the Island. The exemption will be...

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