protegemos el bienestar económico de nuestro pueblo• filing of pr sales tax return – the sales...

Edif. Capital Center, Torre I239 Ave. Arterial Hostos, Suite 1401San Juan, PR 00918-1400

Línea Directa Servicio al Colegiado(CISEC) 787-622-0900

Tel. 787-754-1950 Fax 787-753-0212www.colegiocpa.com

Protegemos el bienestar económico de nuestro pueblo

Junta de Gobierno 2006-2007COMITE EJECUTIVOPresidente CPA Héctor Bernier CasanovaPresidenta Electa CPA Agnes B. Suárez MéndezEx Presidente Inmediato CPA Rolando López RiveraPrimer Vicepresidente CPA Rafael Del Valle VegaSegundo Vicepresidente CPA Miguel A. Torres DíazTesorero CPA Rafael NievesSub Tesorero CPA David Lugo HernándezSecretaria CPA Carmen CandelariaSub Secretario CPA Gerardo RodríguezDirectora Ejecutiva CPA Edna I. Jiménez

DIRECTORESCPA Evelyn Avilés CPA Diego RoblesCPA Vanessa De Armas CPA Rubén RodríguezCPA Karen Degró CPA Víctor TomassiniCPA Ettiene Durand

PRESIDENTES DE CAPITULOSCapítulo Área Norte CPA Javier HernándezCapítulo de Bayamón CPA Antonio TejeraCapítulo de Caguas CPA Jorge Torres SilvaCapítulo de Mayagüez CPA Michelle de la CruzCapítulo de Ponce CPA Rafael CepedaCapítulo de Río Piedras CPA Héctor RamosCapítulo de San Juan CPA Gerardo Torres

REPRESENTANTE AICPACPA Jerry De Córdova

MISION

Servir al colegiado y promover su excelencia profesional

Volume of Business

Business commencing operations in a municipality—Within 30 days following the commencement of its operations, the business should request from the director of Finance of the municipality on which it commenced operations a provisional license to operate tax-free for the first semester.

Sales and use tax

• Application for Certificate of Registration - 30 days prior to commencement of operations in Puerto Rico, the business should file an application for a Certificate of Registration for Business (“Solicitud de Certificado de Registro de Comerciantes y Certificado de Exención”).

• Filing of PR Sales Tax Return – The Sales Tax Return and the corresponding tax is due on or before the 20th day of the month following the close of the calendar month in which the sales tax was collected or the use tax imposed. Businesses with a volume of business in excess of $500,000 must file the return and pay the tax electronically.

Excise Tax on Construction

Constructions in a municipality—Excise tax is imposed by the different municipalities for the construction of works and demolition of buildings.

Property Tax

Buildings under construction or machinery and equipment under installation—Within 30 days of commencement of construction or within 30 days of receipt of machinery and equipment a property tax exemption should be requested from the Municipal Revenue Collection Center.

FICA Deposits on Form 8109 or Electronic Federal Tax Payment System (EFTPS)

Depositors are classified as either monthly or semiweekly depositors. This is determined annually, based on the employer’s employment tax reporting history during a 12-month lookback period ending on June 30 of the preceding year.

• Monthly depositor—If the total liability is $50,000 or less during the lookback period, the deposit must be made on or before the 15th day of the following month.

• Semimonthly depositor—If the total liability during the lookback period is greater than $50,000 and the payroll period date is Saturday, Sunday, Monday, or Tuesday, the deposit must be made on or before the following Friday. If the payroll period date is Wednesday, Thursday, or Friday, then the deposit must be made on or before the following Wednesday.

• Any employer whose aggregate federal tax deposit (including FICA, FUTA, income tax withholding on wages, and corporate income taxes) exceeds $200,000 during any calendar year after a one-year grace period is required to deposit all federal taxes usingEFTPS. Once this requirement is met, the usage of EFTPS must continue even if federal tax deposits decrease in future years below the threshold amount. To enroll in EFTPS, a taxpayer must fill out an enrollment form (Form 9779) , and send it to the address in the instructions. The IRS will send instructions and a personal identification number to begin making payments. It will take approximately two (2) weeks to enroll in EFTPS. Enrollment forms may be obtained by calling either 1-800-555-4477 or 1-800-945-8400, or visit the EFTPS Web site, www.eftps.gov.

• Deposits of $100,000 liability or more are due the next banking day.

PR Income Tax Deposits for Withholding on Wages, Form 499-R-1 A

The tax withheld is due on or before the 15th day of the month following the close of the calendar month in which the tax was withheld.

Holidays

For tax payments and filings due on holidays, if any, it is advisable to consider that the government of Puerto Rico or any of its instrumentalities may consider such day as a working day or half working day. Therefore, we recommend compliance with the applicable tax payments or filings requirements at such date and no delay in the payment or filings for the next working day.

Withholding of Income Tax at Source on Payments for Services Rendered in Puerto Rico

Corporations or partnerships that are current in their tax responsibilities will be subject to a three percent (3%) withholding of tax at source on services rendered. Individuals who are current in their tax responsibilities will be subject to a seven percent (7%) withholding on services rendered.

Exceptions

• Services rendered by individuals and corporations or partnerships during the first three (3) years of the commencement of their services activity.

• The first one thousand five hundred ($1,500) dollars paid during the calendar year to the person who rendered the service.

• Corporations or partnerships reflecting a net operating loss on their income tax return or that are required by Code Section 1018(c) to include audited financial statements with the income tax return.

Reminder for All Months

January 2007

• Form FSE-693—2006–2007 Second semester—Workmen’s Compensation State Insurance Fund• Filing of the PR sales and used tax monthly return –prior month, if not required to file electronically• Payment of the sales and used tax - prior month, if not required to pay electronically

• Personal and real property assessment day1

• Form SC 2225—When applicable, bonded importers, hoteliers, and manufacturers of petroleum products excise tax monthly return - prior month

• Form 480.9A—Deposit of income tax withheld from services rendered—prior month

• Form TSCH-1—Quarterly payment chauffeurs’ social security

• Form 480.9—Deposit of income tax withheld at source on dividends, partnership distributions, interest on bank deposits or certificates of deposits, interest on individual retirement accounts (IRA) and penalties on IRA—prior month

• Form 480.31—Deposit income tax withheld from nonresidents—prior month— if in excess of $200

• Form 480-E-1—Fourth installment individual estimated income tax (calendar year 2006)

• Deposit special 10 percent tax withheld on capital investment fund distributions—prior month

• Municipal volume of business tax—second semester payment 2005–2006 (taxpayers paying in two installments—not claiming discount)

• Form 1040 ES- Fourth Installment U.S. Individual estimated income tax - Calendar year 2006.

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Tax Event Description

• Form 499R-1B—Employer’s quarterly return of income tax withheld (Quarter October – December 2006)

• Form 499-R-2/W-2PR—Submit 2006 tax forms to employees and bureau of processing of tax returns. Employers must use magnetic media reporting if required to file 5 or more forms. (See Publication 05-01 (Magnetic Media Reporting Requirements for Tax Year 2005))

• Form 499-R-3—2006 annual conciliation statement of income tax withheld

• Form 940PR—Federal unemployment annual return for 2006

• Form 941PR—FICA quarterly return. Payment with return if less than $2,500 (Quarter October – December 2006)

• Form 8109 or EFTPS—Deposit FUTA if at prior month undeposited amount exceeds $100

• Form PR-UI-10 and PR-UI-10A—Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits—(Quarter October – December 2006)

• Form 480.7A—Informative return on mortgage interest received

• Domestic insurers request for premium tax exemption from the Commissioner of Insurance

• Concessionaires Quarterly Report for personal property leasing companies (Quarter October – December 2006)

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20 • Filing of the PR sales and used tax return and payment of the corresponding tax, if required to file and pay electronically- prior month

January

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Línea Directa Servicio al Colegiado: 787.622.0900Tel: 787.754.1950 * Fax: 787.753.0212 * www.colegiocpa.com

New Year’s Day

Eugenio Maria de Hostos Birthday

Martin LutherKing’s Birthday

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31


• Form 480.31—Deposit income tax withheld from nonresidents—prior month—if in excess of $200


February 2007Tax Event Description

• Form 940PR—Extended due date FUTA if all deposits were made on time

• Form 941PR – Extended due date FICA if all deposits were made on time

• Form SC 2225—When applicable, bonded importers, and manufacturers of petroleum products jewelry excise tax monthly return—prior month


15

12

• Form 480.5—Summary of informative returns 480.6A, 480.6B, and 480.7. Form 480.5 must be filed for each class of informative return—Calendar year 2006. Payers or withholding agents with five(5) or more informative returns must use Magnetic Media Reporting. (See Publication 05-02). Forms 480.30, 480.6A, 480.6B, 480.6 B1, 480.6C, 480.7, 480.7A, and 480.7B must also be filed by magnetic media.

• Form 480.6A—Informative return of income not subject to withholding—Calendar year 2006.

• Form 480.6B—Informative return—Income subject to withholding (services rendered, dividends from corporations, partnership profits distributions, dividends fromindustrial development, commissions, rents, premiums, annuities, and interests except IRA)—Calendar year 2006.

• Form 480.6B.1—Annual reconciliation statement of the withholding at source on payments for services rendered, indemnification, dividends, partnership distributions and interest income except IRA—Calendar year 2006

• Form 480.7—Informative return of contributions, withdrawals, refunds, and penalties on individual retirement accounts—Calendar year 2006

• Form W-3PR—Annual reconciliation statement of FICA tax withheld (transmittal of withholding statements Forms 499-R-2/W-2PR)—Calendar year 2006

• Annual informative return on tax withheld by the capital investment fund on distributions of industrial development income—Calendar year 2006

• Notification to shareholders of 2006 exempt dividend distributions received by the capital investment fund from exempt business—Calendar year 2006

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• Filing of PR sales and used tax monthly return –prior month• Payment of the sales and used tax - prior month

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George WashingtonLuis Muñoz Marín

Birthday

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February

• Form 480.6SE—Informative return to partners of special partnership. Calendar year 2006. May request a 30-day extension to file using Form SC 2644.1

• Form 480.6CI—Informative return to shareholders of corporation of individuals. Calendar year 2006. May request a 30-days extension to file using Form SC 2644.1

• Form SC 2225—When applicable, bonded importers, and manufacturers of petroleum products excise tax monthly return—prior month



• Form 480.9A—Remittance of distributive share of special partnerships income to its partners who are nonresident aliens, foreign estates, trusts, corporations, and partnerships. Calendar year 2006. May request a 30-days extension to file

• Form 480.31—Deposit income tax withheld from nonresidents—prior month if in excess of $200

• Form 1120—U.S. corporation income tax return—2006 Calendar year taxpayers—may request a six-month extension to file using Form 7004

• Deposit 10 percent tax withheld on capital investment fund distributions—prior month

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March 2007Tax Event Description


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Abolition Day

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March

April 2007Tax Event Description

• Form SC 2225—When applicable, bonded importers and manufacturers of petroleum products excise tax monthly return—prior month• Form 480.9A—Deposit of income tax withheld from services rendered—prior month

• Form 1040—United States Individual Income Tax Return—Calendar year 2006—may request a four-month extension to file using Form 4868• Form 1040 ES—First installment U.S. individual estimated income tax—Calendar year 2007• Form 1065—United States Partnership Return of Income—Calendar year 2006—may request a three-month extension to file using Form 8736• Form 8109 or EFTPS—Deposit the first installment of U.S. corporate estimated income tax—Calendar year taxpayers—year 2007

• Annual Corporation Report (domestic and foreign corporations) year 2006—may request a 90-day extension of time to file• Form AS 2640.1- Last day to make an election by a corporation or partnership to be considered as corporation owned by individuals for the 2007 calendar year• Form 480.9—Deposit of income tax withheld at source on dividends, partnership distributions, interest on bank deposits or certificates of deposits, interest on individual retirement accounts (IRA) and penalties on

IRA—prior month• Form 480.9A—Deposit of the first installment of income tax withheld on estimated net share income of a special partnership to resident individuals, estates and trusts or nonresident U.S. citizens and domestics or

foreign corporations or partnerships, and distributable profit to stockholders of a corporation of individuals (Calendar year 2007)• Form 480.9A—Extended due date for remittance of distributive share of special partnership’s income to its partners who are nonresident aliens, foreign estates, trusts, corporations or partnerships. Calendar year 2006• Form 480.10-(E); 480.10; 480.20; 480.20(I); 480.30(II); 480.40(D); 480.40(F); 480.70(OE); 480.80; 481 and 482—Special Partnerships, Partnerships, Corporations, Corporation of Individuals, Industrial Incentives

Business(Tax Exempt), Domestic Life Insurance Companies, Foreign Life Insurance Companies, Annual Return of Organization Exempt from Income Tax, Fiduciary and Individual Income Tax Returns (Short and Long forms)—Calendar year 2006

• Form AS 2644—Individuals, Corporations, partnerships, special partnerships and corporation of individuals PR income tax returns - calendar year 2006—may request a 90-days extension. Section 936 corporations may request extension until the 15th day of the ninth month after year-end. Individuals may request a 30-days extension

• Form 480.5—Summary of informative returns 480.6C—Calendar year 2006 – Payers or withholding agents with five or more informative returns to submit, must use magnetic media reporting. Refer to Publication 05-02 (Informative Returns Magnetic Media Reporting Requirements for tax Year 2005). Forms 480.30, 480.6A, 480.6B, 480.6B1, 480.6C, 480.7, 480.7A, and 480.7B must also be filed by magnetic media.

• Form 480.30—Nonresident annual return for income tax withheld at source—Calendar year 2006• Form 480.31 Deposit Income Tax withheld from non residents—prior month if in excess of $200• Form 480.6C Informative return of income subject to withholding—nonresidents• Form 480.30-A—Annual return of tollgate tax• Form 480-E and 480-E-1—Declaration and first installment estimated income tax—corporations and individuals—Calendar year taxpayers—year 2007• Form AS 2650—Request for extension of time to file the Estimated Tax Declaration• Form 480-E-3 and 480-E-3A—Declaration and first installment estimated tollgate tax—Calendar year taxpayers—year 2007• Form AS 2879—Branch Profits tax form—Calendar year 2006. Should be included in the Branch’s PR Income Tax Return• Form TSCH-1—Quarterly payment Chauffeur’s Social Security• Annual return on special tax withheld on Capital Investment Fund distributions—Calendar year 2006• Deposit special 10 percent tax withheld on Capital Investment Fund distributions—prior month• Payment of any insufficiency on the prepayment of tollgate tax for calendar year 2006 with the income tax return (Form 480.30II) or with the request for extension (Form AS 2644)

• Form OCAM PA-O1—Volume of business declaration 2007-08—may request a 6-month extension of time to file (payment with 5 percent discount)

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• Concessionaires Quarterly Report for personal property leasing companies (Quarter January-March 2007)

20

• Form 499-R-1B—Employer’s quarterly return of income tax withheld (Quarter January – March 2007)• Form 941PR—FICA quarterly return. Payment with return if less than $2,500 (Quarter January – March 2007)• Form 8109 or EFTPS—Deposit FUTA if at prior month undeposit amount exceeds $100• Form PR-UI-10 and PR-UI-10A—Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits—(Quarter January – March 2006)

30

• Filing of the PR sales and used tax and payment of the corresponding tax – prior month

2 • Capital investment fund must transfer 75 percent of net income derived from non risk activities to the Secretary of the Treasury-Calendar year 2006.• Form OCS PRT-8-74 – Premium Tax Return-Calendar year 2006

José de Diego’s Birthday

Good Friday

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April

• Form 480.9—Deposit of income tax withheld at source on dividends, partnership distributions, interest on bank deposits or Certificates of Deposits, interest on Individual Retirement Accounts (IRA) and penalties on IRA—prior month

• Form 480.31—Deposit income tax withheld from nonresidents—prior month if in excess of $200• Form AS 29-1—2006 Personal Property tax return—Corporations may request a 90-day extension of time to file. Taxpayers other than Corporations may request a

30-day extension.• Form 481.0 or 482.0—2006 P.R. individual income tax return extended due date—30 days. Additional 60-day extension may be requested• Form 480.80—2006 Fiduciary Income Tax Return (Estate or Trust) extended due date—30 days. Additional 60-day extension may be requested.• Deposit special 10 percent tax withheld on Capital Investment Fund distributions—prior month• Exempt Corporations Annual Report—Calendar year 2006—For calendar years corporations—Due date is 30 days after filing the income tax return

May 2007Tax Event Description

• Form SC 2225—When applicable, bonded importers and manufacturers of petroleum products excise tax monthly return—prior month


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10

11 • Form 941PR – Extended due date FICA if all deposits were made on time.

• Filing of the PR sales and used tax and payment of the corresponding tax, if required to file and pay electronically-prior month20

21 • Filing of PR sales and used tax monthly return, if not required to file electronically –prior month• Payment of the sales and used tax, if not required to pay the tax electronically - prior month

Memorial Day

Mother’s Day

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May



• Form 480.9A—Deposit of the second installment of income tax withheld on estimated net income of a Special Partnership to resident individuals, estates and trust or nonresident U.S. citizens and domestic or foreign resident corporations or partnerships; and distributable profit to stockholders of a corporation of individuals (Calendar year 2007)

• Form 480.31—Deposit income tax withheld from nonresidents—prior month if in excess of $200• Form 480-E-1—Second installment estimated income tax—corporations, partnerships, and individuals—Calendar year taxpayers—year 2007• Form 480-E-3A—Second installment estimated tollgate tax—Calendar year taxpayers—year 2007• Form 8109 or EFTPS—Deposit the second installment of U.S. corporate estimated income tax—Calendar year taxpayers—year 2007• Form 1040 ES—Second installment U.S. individual estimated income tax (Calendar year 2007)• Deposit special 10 percent tax withheld on Capital Investment Fund distributions—prior month

June 2007Tax Event Description• Form SC 2225—When applicable, bonded importers and manufacturers of petroleum products excise tax monthly return—prior month

• 480.9A—Deposit of income tax withheld from services rendered—prior month11

15

14 • Form AS 29.1—2006 Personal Property Tax Return extended due date for taxpayers other than Corporations—30 days. Additional 60-day extension may be requested using Form AS-313673.


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Father’s Day

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June


• Form FSE 693—Workmen’s Compensation Insurance—annual payroll declaration. Shall pay 50 percent of the estimated amount

• Concessionaires Quantity Report for personal property leasing companies (Quarter April-June 2007)

July 2007Tax Event Description• Form SC 2225—When applicable, bonded importers and manufacturers of petroleum products excise tax monthly return—prior month

• Form 480.9A—Deposit income tax withheld from services rendered—prior month

• Annual Corporation Report—extended due date (90 days)

• Corporations (not covered by IRC Section 936), partnerships, special partnerships, domestic life insurance companies, foreign life insurance companies, corporation of individuals Puerto Rico income tax return and fiduciary—Calendar year 2006—(extended due date 90 days)

• Form 481.0 or 482.0—2005 Puerto Rico Individual income tax return—additional extension of 60 days may be requested



• Form 480.60.1—Information return regarding investment requirements under 1978 Industrial Incentive Act—Calendar year 2006

• Form TSCH-1—Quarterly payment Chauffeurs’ Social Security

• Deposit special 10 percent tax withheld on Capital Investment Fund distributions—prior month

• Municipal volume of business tax—first semester payment 2007–2008 (Taxpayers paying in two installments—not claiming discount)

10

17

20

31 • Form 499R-1B—Employer’s quarterly return of income tax withheld (Quarter April – June 2007)

• Form 941PR—FICA quarterly return. Payment with return if less than $2,500 (Quarter April – June 2007)

• Form 8109 or EFTPS—Deposit FUTA if at prior month undeposit amount exceeds $100

• Form PR-UI-10 and PR-UI-10A—Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits—Quarter April – June 2007


José C. Barbosa’sBirthdayConstitution Day

Luis Muñoz Rivera’sBirthday

Independence Day

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July





August 2007Tax Event Description

• Form SC 2225—When applicable, bonded importers, manufacturers of petroleum products excise tax monthly return—prior month


• Abandoned or Unclaimed Money and other Liquid Assets Annual Report


10

• Exempt Corporation Annual Report. For income tax returns filed on extended due date July 17, 2007

15

13 • Form AS 29-I—2005 Personal Property Tax Return extended due date (90 days)

16

30 • Form 480.5 – Summary of informative returns 480.7 and 480.7B. Form 480.5 must be filed for each class of informative return – Calendar year 2006. Payers or withholdings agents with five or more informative returns to submit must use magnetic media reporting. Refer to Publication 05-02 (Informative Returns Magnetic Media Reporting Requirements for Tax Year 2005). Forms 480.30, 480.6A, 480.6B, 480.6B1, 480.6C, 480.7, 480.7A, and 480.7B must also be filed by magnetic media.

20 • Filing of PR sales and used tax monthly return –prior month• Payment of the sales and used tax - prior month

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August



• Form 480.9A—Deposit of the third installment of income tax withheld on estimated distributable share of income of Special Partnership to resident individuals, estates and trust or nonresident U.S. citizens and domestic or foreign resident corporations or partnerships; and distributable profit to stockholders of a corporation of individuals (Calendar year 2007)

• Form 480.31 Deposit Income Tax withheld from nonresidents—prior month if in excess of $200

• Form 480-E-1—Third installment estimated income tax—corporations, partnerships and individuals—Calendar year taxpayers—year 2007

• Form 480-E-3A—Third installment estimated tollgate tax—Calendar year taxpayers—year 2007

• Form 8109 or EFTPS—Deposit the third installment of U.S. corporate estimated income tax—Calendar year taxpayers—year 2007

• Form 1040 ES, Third installment of U.S. individual estimated income tax (Calendar year 2007)

• 936 Corporation—P.R. income tax return—Calendar year 2006—extended due date


• Form 1120—Extended due date for filing—Calendar year taxpayers—Calendar year 2006

• Commencement of the renewal process of licenses at the PR Treasury Department

September 2007Tax Event Description• Form SC 2225—When applicable, bonded importers and manufacturers of petroleum products excise tax monthly return—prior month

• Form 480.9A—Deposit income tax withheld from services rendered—prior month10

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Labor Day

30

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September


Convención del Colegio de CPA


• Form 480.31—Deposit income tax withheld from nonresidents—prior month—if in excess of $200

• Form OCAM PA-O1—Volume of business declaration 2007-08—six-month extension of time to file if granted in April

• Form TSCH-1—Quarterly payment Chauffeurs’ Social Security


October 2007Tax Event Description



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15

• License fees are payable for the full year to which they correspond, not later than the first day of October of each year.1

• Form 499R-1B—Employer’s quarterly return of income tax withheld (Quarter July – September 2007)

• Form 941PR—FICA quarterly return. Payment with return if less than $2,500 (Quarter July – September 2007)

• Form 8109 or EFTPS—Deposit FUTA if at prior month undeposit amount exceeds $100

• Form PR-UI-10 and PR-UI-10A—Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits—(Quarter July – September 2007)

• Concessionaires Quarterly Report for personal property leasing companies (Quarter July – September 2007)

31

• Filing of the PR sales and used tax and payment of the corresponding tax, if required to file and pay electronically-prior month20

22 • Filing of PR sales and used tax monthly return, if not required to file electronically –prior month• Payment of the sales and used tax, if not required to pay electronically - prior month

Columbus Day

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October



• Form 480.31—Deposit income tax withheld from nonresidents—prior month if in excess $200


November 2007Tax Event Description




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20

Thanksgiving DayDiscovery of Puerto

Rico Day

Veteran’s Day

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November



• Form 480.9A—Deposit of the fourth and last installment of income tax withheld on estimated distributable share of income of a Special Partnership to resident individuals, estates and trust or nonresident U.S. citizens and domestic or foreign resident corporations or partnerships; and distributable profit to stockholders of a corporation of individuals (Calendar year 2007)


• Form 480-E-1—Fourth and last installment estimated income tax—Corporations—Calendar year taxpayers—year 2007

• Form 480-E-3A—Fourth and last installment estimated tollgate tax—Calendar year taxpayers—year 2007

• Form 8109 or EFTPS—Deposit the fourth installment of U.S. corporate estimated income tax Calendar year taxpayers—year 2007


• Last day for payment of Christmas Bonus

December 2007Tax Event Description


• Form 480.9A—Deposit income tax withheld from services rendered—prior month10

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Christmas DayChristmas Eve

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December


Reports Income Tax withheld to employees in each quarter.Puerto Rico Treasury Department.PO Box 9022501 San Juan, PR 00902-2501. Due dates for each: April 30, July 31, October 31, and January 31.

Puerto Rico Employer Quarterly Return of Income Tax Withheld—Form 499 R.1-B

Rates vary according to occupation.PR State Insurance Fund Annual Declaration due July 20.

Workmen’s Accident and Compensation Insurance—Form FSE-693

FUTA deposits must be made by the last day of the first month after the end of each calendar quarter if tax exceeds $100. EFTPS would also apply to those taxpayers depositing FICA through EFTPS. See EFTPS requirements above.

Authorized Financial Institution, using Form 8109 if not required to use EFTPS.

FUTA Deposits—Form 8109 or EFTPS

The rules for deposit of the income tax withheld on wages are similar to the Internal Revenue Service’s deposit rules for the deposit of FICA and federal income tax withholding. If the amount of taxes deposited and/or informed to the Puerto Rico Treasury Department (PRTD) by an employer was less than $50,000 during the “lookback period” of July 1, 2003 to June 30, 2004, the employer will be a monthly depositor and the tax withheld will be due the 15th day of the next month. If the amount deposited during the “lookback period” was $50,000 or more, then the employer will be a semiweekly depositor. If the payroll date is a Saturday, Sunday, Monday or Tuesday, the deposit of the tax withheld must be made on or before the following Friday. If the payroll date is Wednesday, Thursday, or Friday, then the deposit must be made on or before the following Wednesday. For employers whose withholding amount during an entire quarter is $500 or less, it will not be required to make monthly deposits, instead, they could make the payment of the tax due with the quarterly return. Deposits of $100,000 or more must be deposited the next banking day.

The FUTA rate for 2005 is .8 percent after 5.4 percent credit for PR unemployment tax on the first $7,000 of wages paid to an employee each calendar year.

U.S. Internal Revenue Service Center, Philadelphia, PA 19255. Calendar year form due January 31.

Federal Unemployment Tax (FUTA)—Form 940PR

Puerto Rico Treasury DepartmentPO Box 9022501 San Juan, PR 00902-2501.

Puerto Rico income tax withholding on wages deposits—Form 499 R.1-A

Tax liability of less than $2,500—Payment should be made with Form 941 PR. Tax liability of more than $2,500 but less than $50,000—during the lookback period, the deposit must be made on or before the 15th day of the following month (monthly depositor). If total liability is greater than $50,000 and the payroll period date is Saturday, Sunday, Monday, or Tuesday, then a deposit must be made on or before the following Friday. If the payroll period date is Wednesday, Thursday, or Friday, then a deposit must be made on or before the following Wednesday (semiweekly depositor). FICA deposits of $100,000 or more are due the next banking day.EFTPS requirements: Any employer whose aggregate tax deposits in 2005 was more than $200,000 or was required to use EFTPS in 2005 is required to deposit all depository taxes (including FUTA and corporate income taxes) for 2006 using the EFTPS. To enroll in EFTPS, a taxpayer must call 1-800-555-4477 or 1-800-945-8400 or visit the EFTPS Web site www.eftps.gov

Authorized Financial Institution using Form 8109 if not required to use EFTPS.

FICA Deposits—Form 8109 or Electronic Federal Tax Payment System (EFTPS)

The rate remains at 7.65 percent for employer and employee. 6.20 percent accounts for Old Age, Survivors, and Disability (OASDI) and 1.45 percent for Medicare. The OASDI wage base for 2004 is $87,900. There is no limit on the amount of earnings subject to the Medicare portion of the tax. Self-employed taxpayers are subject to the total 15.3 percent tax rate.

U.S. Internal Revenue Service Center, Philadelphia, PA 19255. Due dates for each, April 30, July 31, October 31, and January 31. Deposit rules may be different

Social Security (FICA) and Hospital Insurance (Medicare)—Form 941PR

Payroll Taxes

DescriptionFilingReport

General Informationon Recurring Tax and Other Reports


Doing Business

For calendar year 2005, every employer or withholding agent required to file 15 or more withholding statements or informative returns would be required to use one of the following methods:

• If required to file less than 250 withholding statements or informative returns, the applicable copy must be filed via electronic transfer using the computer program develop by the PR Department of the Treasury. The program can be accessed through the Internet at www.hacienda.gobierno.pr.

• If more than 250 informative returns will be filed, a taxpayer must generate a diskette, compact disk, cartridge or magnetic media following the instructions provided by the booklet issued by PR Department of the Treasury to that purpose. (Publications 05-01)

PR Department of the Treasury on its applicable due date

Form 499-2/W-2PRForms 480.5, 480.6A, 460.6B, 480.6C, 480.7, and 480.7A

Declare Volume of Business in each municipality if it exceeds $5,000. Include financial statements certified by a PR-licensed CPA if volume of business exceeds $1,000,000. 5 percent tax discount allowed if paid on or before five working days after April 15.If volume of business is less than $1,000,000, must include copy of the pages or supplements in which gross income and deductions are itemized in the income tax return.

Director of Finance of Municipalities where business was conducted during prior calendar year. Declaration and payment with 5 percent discount due on or before five working days after April 15 (maximum six-month extension available). Installments payments without discount due on July 15, 2006, and January 15, 2007.

Municipal Volume of Business Declaration—Form OCAM PA 01

The purpose is to expedite the declaration of imported merchandise and the payment of the excise tax. The manufacturer is required to submit the documents and information required by the Department of the Treasury and to post a bond.

The manufacturer must file an Application for Identification Number with the Bureau of Ports Control.

Manufacturers’ ID Number

Must include a $100 PR Internal Revenue Voucher. A PR corporation must include an audited balance sheet as of the last closing date certified by a PR-licensed CPA if total gross volume of business exceeds $1,000,000. Foreign corporations must include balance sheet certified by a PR-licensed CPA without considering the volume of business.

A certified check or money order covering the $300 filing fee must accompany the original informative return. A copy must be filed with the PR Secretary of Treasury.

Industrial Tax Exemption Office, PR Industrial Development Building and to Treasury Department. File 30 days after Income Tax return is filed. Filing fee $300.

Exempt Corporations Annual Report

PR Department of State, Corporations Division, PO Box 9023271, San Juan PR 00902-3271. Due April 15. May request a 90-day extension. Filing fee $100.

Corporations Annual Report—Standard form for domestic or foreign corporations.

Disability tax rate is .6 percent on first $9,000 of wages. Employer and employee contribute 50 percent each. A private plan may substitute it. Maximum unemployment tax rate is 5.4 percent on first $7,000 of wages contributed by employer. Unemployment tax rate is based on an experience rating system plus a special contribution.

PR Department of Labor, Bureau of Employment Security. Quarterly installments due. April 30, July 31, October 31, and January 31

PR Unemployment and Disability Contribution Report—Form PR-UI-10 and Form PRUI-10A.

Tax amounts to 80¢ per week per driver. 50¢ driver’s contribution and 30¢ employer. Accounts for disability tax.

PR Department of Labor, Bureau of Chauffeurs’Social Security. Quarterly installments April 15, July 15, October 15, and January 15.

Chauffeur’s Social Security Form—TSCH-1

Payroll Taxes



Income Taxes

Certified financial statements by a PR-licensed CPA must accompany the returns if volume of business exceeds $1,000,000. In the case of special partnerships and corporations of individuals this threshold amount is $500,000.

PR Department of Treasury, Bureau of Income Tax. Due the 15th day of the fourth month after tax year-end. A 90-day extension request available (Form AS 2644) for filing, but not for making tax payment. Extensions for Section 936 Corporations until the 15th day of the ninth month after year-end. Extensions for individuals and fiduciaries—automatic extension of 30 days and an additional 60-day extension may be requested.

Income Tax Return of:Corporations—Form 480.20Partnerships—Form 480.10Industrial Incentives (Tax Exempt)—Form 480.30(II)Special Partnerships—Form 480.10(E)Corporation of Individuals—Form 480.20(I)Domestic Life Insurance Co.—Form 480.40(D)Foreign Life Insurance Co.—Form 480.40(F)Annual Return of Exempt Organization—Form 480.70 (OE)Fiduciary—Form 480.80

At least 90 percent of the final total tax must be paid in these four equal installments, unless estimated tax is based on prior year’s actual tax. Branch profit tax need not be considered.

Declaration and first installment are due on the 15th day of the fourth month after year-end. The second, third, and fourth installment are due on the 15th day of the sixth, ninth, and twelfth months, respectively. For individuals the Declaration and first installment are due on the 15th day of the fourth month after year-end. The second, third, and fourth installment are due on the 15th day of the sixth and ninth months and first month of the next year, respectively. File with the Internal Revenue Collector’s Office. Installments may be paid at several designated banking institutions.

Estimated Tax Declaration—Form 480-EEstimated Payment of Tollgate Tax Declaration—Form 480-E-3 (Rules for filing the estimated tax on corporations must be followed)

Must include certified financial statements certified by a PR-licensed CPA when volume of business exceeds $1,000,000. In addition, if taxpayer’s year-end is not a calendar year, it must also include a trial balance as of December 31.

Municipal Revenue Collection Center. Due on May 15. In the case of taxpayer other than corporations, a 30-day automatic extension is available for filing (Form AS 30I), with an option of an additional extension of 60 days (Form AS-313673). Corporations are entitled to an automatic 90-day extension (Form AS 30I). Tax must be paid by original due date with a 5 percent discount.

Personal Property Tax Return–FormAS 29-I



Tax must be paid through estimated tax deposits in four equal installments due on the 15th day of the fourth, sixth, ninth, and twelfth months of the year if greater than $500. Use Form 8109. EFTPS would also apply to those taxpayers already depositing FICA through EFTPS.

Form 1120 with the corresponding IRS office depending on the place where the corporation’s principal business, office, or agency is located. Section 936 corporations must file with the Internal Revenue Service Center, Philadelphia, PA 19255-0012. Form 1120F with the Internal Revenue Service Center, Philadelphia, PA 19255-0012. Due as follows: Foreign corporations—15th of the sixth month after year-end if no office is maintained in the United States. A three-month extension is available by filing Form 7004. Domestic and foreign with office in the United States—15th day of the third month after year-end. Six-month extension available by filing Form 7004.

U.S. Corporation Income Tax ReturnForeign—Form 1120FDomestic—Form 1120

Form 1040 should be filed with the Internal Revenue Service Center, Philadelphia, PA 19255-0215 and is due the 15th day of the fourth month after year-end. A four-month extension is available by filing Form 4868. An additional extension may be obtained by filing Form 2688.

U.S. Individual Income Tax Return—Form 1040

A partnership does not pay tax on its Income but passes through profits and losses to its partners using Schedule K-1 (Form 1065). Schedule K-1 must be furnished to each partner by the date Form 1065 is due, including extensions.

With the corresponding IRS office depending on the place where the corporation’s principal office is located. Due by the 15th day of the fourth month after year-end. A three-month extension is available by filing Form 8736. An additional extension may be obtained by filing Form 8800.

U.S. Return of Partnership Income—Form 1065

Estimated Income Tax Withheld on Distributable profits to stockholders of corporation of individuals and Estimated Net Income of Special Partnership distributable to Resident Individuals, Estates, Trust, or Nonresidents U.S. citizens and to domestic on foreign Corporations or Partnership.Note: This payment voucher also served to deposit the income tax withheld from judicial or extrajudicial indemnification. However, the deposit rules that apply to this payment are the rules set forth for the withholding and deposit of income tax withheld of wages.

Puerto Rico Treasury Department. Deposit due the 15th day of the fourth, sixth, ninth, and twelfth months.

Payment Voucher of Tax Withheld—Form 480.9 A

Abandoned PropertySums of money or other liquid assets, having an aggregate value greater than $1 that are presumed abandoned or unclaimed.

Abandoned or unclaimed money and other liquid assets


Días Feriados 2007Día de Año Nuevo enero 1, lunes

Viernes antes Día de Reyes enero 5, viernes

Día de Reyes enero 6, sábado

Natalicio Eugenio M. de Hostos ** enero 8, lunes

Natalicio Martin Luther King** enero 15, lunes

Natalicio George Washington** febrero 19, lunes

Día de la Abolición** marzo 22, jueves

Viernes Santo abril 6, viernes

Natalicio José de Diego abril 16, lunes

Día de la Recordación mayo 28, lunes

Independencia de EE.UU julio 4, miércoles

Natalicio Luis Muñoz Rivera julio 16, lunes

Constitución ELA de Puerto Rico julio 25, miércoles

Natalicio José Celso Barbosa julio 27, viernes

Día del Trabajo septiembre 3, lunes

Descubrimiento de América** octubre 12, viernes

Día del Veterano noviembre 11, domingo

Descubrimiento de Puerto Rico** noviembre 19, lunes

Día de Acción de Gracias noviembre 22, jueves

Día después de Acción de Gracias noviembre 23, viernes

Noche Buena ^ diciembre 24, lunes

Día de Navidad diciembre 25, martes

Receso Navideño ^ diciembre 26-28, m-v

Despedida de Año diciembre 31, lunes________________________________________*Se celebra lunes**Durante estos días el Colegio abrirá en su horario

regular de 8:00a.m. a 5:00 p.m.^Exclusivos del Colegio

Directorio de Servicios al Colegiado

Servicio al Colegiado Teléfono(787) Correo Electrónico

Centro de Información de

Servicio al Colegiado(CISEC) 622-0900 [email protected]

Educación Continuada, Cuotas,

Plan Médico, Seguros, Ofertas,

Convención, Cambio de dirección

Asesor Contributivo 622-0904 [email protected]

Asesor Técnico 622-0903 [email protected]

Asesor Recursos Humanos 622-0902 [email protected]

Excelencia Profesional 622-0906 [email protected]

Secretaria Excelencia Profesional 622-0905 [email protected]

Revisión de Bitácora 622-0907 [email protected]

Educación Continuada 622-0910 [email protected]

Administrador de Sistemas 622-0947 [email protected]

Capítulos 622-0948 [email protected]

Comités 622-0912 [email protected]

“El CPA”, Comunicaciones 622-0945 [email protected]

“Ultima Hora”, Auspicios 622-0946 [email protected]

“Tu Colegio te Visita” 754-1950 x.274 [email protected]

Estampillas y Recepción 754-1950

Oficina de la Junta de Gobierno 622-0950 [email protected]

Directora Ejecutiva 622-0950

protegemos el bienestar económico de nuestro pueblo• filing of pr sales tax return – the sales...

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