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Newsletter:

Tax Events - June 2020

June 02 2020

June 10

Use Tax on Imports Monthly Returns (Form SC 2915.1 D) for the month of April (previously due May 10th, 2020). *

Use Tax on Imports Monthly Returns (Form SC 2915.1 D) for the month of May. NEW DUE DATE, July 10th, 2020. *

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

June 15

P.R. Informative Income Tax Return Pass-Through Entity (Partnership, Special Partnership and Corporation of Individuals) for calendar year 2019 using Form 480.20 (EC); or request 6 months extension to file, using Form SC 2644 (previously due March 31st, 2020 pursuant to Circular Letter 20-10).* (NEW: Electronic filing through SURI online site)

Income Tax Return of corporations that hold a tax exemption decree under the New Incentives Code Act of 2019 or previous incentive laws, for calendar 2019 or request 6-month automatic extension to file using Form SC 2644 (extension requires electronic filing through SURI online site). NEW DUE DATE, July 15th, 2020. *

Non-for-profit tax return Form 480.70(OE) Informative Return for Income Tax Exempt Organizations for calendar year 2019 or request 6-month automatic extension to file using Form SC 2644 (extension requires electronic filing through SURI online site). NEW DUE DATE, July 15th, 2020. *

Insurance companies’ income tax returns or request 6-month automatic extension to file using Form SC 2644 (extension requires electronic filing through SURI online site). NEW DUE DATE, July 15th, 2020. *

Deposit of 10% or 6% of income tax withheld from payments made during March for services rendered (Payment Voucher 480.9A) (previously due April 15th, 2020). *

Deposit of 10% or 6% of income tax withheld from payments made during April for services rendered (Payment Voucher 480.9A) (previously due May 15th, 2020). *

Deposit of 10% or 6% of income tax withheld from payments made during May for services rendered (Payment Voucher 480.9A). NEW DUE DATE, July 15th, 2020. *

Nonresident Annual Return of Income Tax Withheld at Source (Form 480.30) (previously due April 15th, 2020). *

Informative Return on Income Subject to Withholding to Nonresidents (Form 480.6C) (previously due April 15th, 2020). *

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of March (Form 480.31) (previously due April 15th, 2020). *

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of April (Form 480.31) (previously due May 15th, 2020). *

Deposit of 29% tax withheld at source on payments to foreign persons in excess of $200 during the month of May (Form 480.31). NEW DUE DATE, July 15th, 2020. *

Deposit tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of March (Form 480.9) (previously due April 15th, 2020). *

Deposit tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of April (Form 480.9) (previously due May 15th, 2020). *

Deposit tax withheld at source on dividends, partnership profit distributions, interests and 10% penalty on IRA during the month of May (Form 480.9). NEW DUE DATE, July 15th, 2020. *

Deposit of Estimated Income Tax by Corporations and Pass-through entities, Partnerships, Special Partnerships and Corporations of Individuals (voucher 480. E-1) -(previously due March 15th, 2020)*:

     FISCAL YEAR

     INSTALLMENT

     March 31, 2020

     4th Installment

     June 30, 2020

     3rd Installment

     September 30, 2020

     2st Installment

     November 30, 2019

     1st Installment

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

     June 30, 2020

     4th Installment

     September 30, 2020

     3rd Installment

     December 30, 2020

     2nd Installment

     February 2021

     1st Installment

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

Deposit of 4% monthly excise tax on foreign entities (Form 480.36).

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 for the month of June.***

June 22

Sales and Use Tax Monthly Return (Form SC 2915) for the month of April (previously due May 20th, 2020).

Sales and Use Tax Monthly Return (Form SC 2915) for the month of May (Electronic filing through SURI online site). NEW DUE DATE, July 20th, 2020. *

Sales and Use Tax Monthly Municipal Return for the month of May, but taxpayers may need to confirm with the municipalities if they approved additional time.

June 30

Pursuant to Administrative Determination 20-10, end of period during which withholding agents did not have to withhold the 10% (or 6%) tax on payments for professional services.

Affirmative Declaration of Transactional Accounts for applicable requests or extensions of credits approved by the financial business during the month of February (previously due March 31th, 2020). *

Affirmative Declaration of Transactional Accounts for applicable requests or extensions of credits approved by the financial business during the month of March (previously due April 30th, 2020). *

Quarterly Returns (Q-1)

• Form 499 R-1B Quarterly Report of Income Tax Withheld (previously due April 30th, 2020). *

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 for the month of May (previously due May 31th, 2020).***

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 for the month of June (Electronic filing through SURI online site). ***

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on July 31, 2019 (with six-month extension).

Supplemental Schedules required pursuant to Act 163 of 2014 for corporations with year ended on January 31, 2020, if Income Tax Return was filed in May. NEW DUE DATE, July 31st, 2020. *

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with fiscal year ended on August 31, 2019 (with six-month extension).

Supplemental Schedules required pursuant to Act 163 of 2014 for Pass-Through Entities with year ended on February 28, 2020, if Income Tax Return was filed in May. NEW DUE DATE, July 31st, 2020. *

IMPORTANT

* Pursuant to Administrative Determination 20-09 (DA 20-09) and Administrative Determination 20-10, some due dates have been moved due to Puerto Rico’s Governor Executive Order 2020-020 in response to the COVID-19 pandemic.

** Pursuant to CARES Act the IRS allows qualified employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals tax through December 31, 2020.

*** Pursuant to DA 20-09, the Puerto Rico Department of Treasury will not impose penalties on the Bi-monthly Sales and Use Tax Estimated Payments if the total amount is paid in full with the Sales and Use Tax Monthly Return in response to the COVID-19 pandemic.