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Deadline Extended for Filing Partnership Return in Puerto Rico to April 15, 2021

March 12, 2021

ADMINISTRATIVE DETERMINATION NO. 03-21 ("DA 21-03")

ATTENTION: PASSTHROUGH ENTITIES AND OTHER TAXPAYERS WITH

EXPIRATION OF THE INCOME TAX RETURN

OF THE TAX YEAR 2020 ON MARCH 15, 2021

AFFAIR:

POSTPONEMENT OF THE DEADLINE TO FILE THE FORM OF

TAX ON INCOME FOR THE TAX YEAR 2020

 

 

I.                 Statement of Motives

Section 1061.16 (f) of the Puerto Rico Internal Revenue Code of 2011, according to

amended ("Code"), empowers the Secretary of the Treasury ("Secretary") to establish the new

deadline for filing returns related to taxable year 2020. Likewise,

Section 1061.17 (h) of the Code, empowers the Secretary to establish the new deadline

for the payment of taxes on income owed with the tax returns

on income for taxable year 2020.

Limited liability companies and companies with the choice to pay taxes as

company under Chapter 7 of Subtitle A of the Code (hereinafter "companies"), the

special partnerships, corporations of individuals, (collectively "Pass-Through Entities");

revocable trusts, and trusts that revert to the settlor (known in

English as “grantor trusts”), and worker-owned corporations are required

to submit the Income Information Sheet no later than the fifteenth (15th) day of the

third (3rd) month following the closing of the annual accounting period. In addition, said

entities must submit to the Department, no later than the last day of the third (3rd) month

following the end of the entity's taxable year, the informative returns in which

The distributable share of income, expenses, gains, losses and

credits to partners, shareholders, owners, settlors or beneficiaries of said

entities ("Informative Returns").

The team of programmers is working hard on all the programming

for the tax cycle 2020 within the limitations that the pandemic of the

COVID-19 for both the private sector and the government. In addition, the Department already

is working on the programming of the next economic stimulus package

so that as soon as it becomes law, the money can be sent to the

residents of Puerto Rico as soon as possible.

 

The Department of the Treasury ("Department") issues an Administrative Determination

in accordance with the provisions of Sections 1061.16 (f) and 1061.17 (h) of the Code, with the

purpose of notifying the new deadline for filing the Information Sheets of

Income and Informative Returns of those taxpayers whose period-end

annual accounting is December 31, 2020 (that is, taxpayers who file

your return based on a calendar year) and its original expiration date according to the Code is the

March 15, 2021.

 

II.              Statutory Basis

Section 1061.16 (f) of the Code empowers the Secretary to establish the new deadline for

the filing of returns related to taxable year 2020, whose expiration dates according to

the Code, whether on or before April 15, 2021, as long as said new date

limit is no later than June 15, 2021. Likewise, Section 1061.17 (h) of the Code

empowers the Secretary to establish the new deadline for the payment of any contribution

on income for taxable year 2020, whose due dates are on or before the 15th of

April 2021.

The Secretary, exercising the power conferred by law, has determined to establish a new

expiration date for the Income Information Sheets of those taxpayers

that, according to the provisions of Subchapter A of Chapter 6 of Subtitle A of the Code, have

the obligation to submit said forms no later than March 15, 2021.

 

III.            Determination

All taxpayers who file their income tax return based on the year

natural 2020 and that, according to the provisions of Subchapter A of Chapter 6 of Subtitle A of the

Code, you have the obligation to submit said return no later than March 15, 2021,

You will have until April 15, 2021 to file it. Similarly, any balance

owed with said income tax return must be paid no later

April 15, 2021.

In addition, April 15, 2021 is established as the new deadline for filing the

Informative Returns of all those taxpayers who file their Informative Return of

Income for taxable year 2020 based on the calendar year and, therefore, is obliged to

Submit Informative Returns for taxable year 2020 on or before December 31,

March 2020.

The provisions of this circular letter will also apply to those conduit entities

who are required to file the Income Information Return for taxable year 2020 on or before March 15, 2021 and the 2020 Informative Returns no more

afternoon of March 31, 2021, including extensions.

The new deadline established in this Administrative Determination is in substitution of

the original expiration date provided by the Code for tax year 2020. By

Therefore, any entity that requires additional time to submit the return for the taxable year

2020 will have until April 15, 2021 to submit an automatic extension request.

Said extension request will have a term of 6 months as of April 15, 2021. The

request for extension allows to extend the filing deadline date, but does not extend the

Payment date. Therefore, if you accept the request for an extension, you must accompany

with the application the balance of the tax owed, if any, to avoid taxation

of interests, surcharges and penalties.

 

IV.            Validity

The provisions of this Administrative Determination are effective immediately.

For additional information related to the provisions of this Determination

Administrative, you can send a message through your SURI account.

 

Cordially,

 

Atty. Angel L. Pantoja Rodríguez

Boris Popov