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Update Tax Alert: February 2022

March 24, 2022

2021 Puerto Rico Informative Income Tax Return Pass-through Entity, Form 480.2(EC) and Informative to Partners 480.6(EC) – When and where to file

Puerto Rico Treasury Department (PRTD)

The PRTD issued on February 28, 2022, the Internal Revenue Circular Letter Num. 22-07 (IR CL 22-07) to provide an update and certain guidelines in terms of the time to file the required 2021 Informative Income Tax Return Pass-through Entity, Form 480.2(EC), for entities under the Chapter 7 of the Puerto Rico Internal Revenue Code (“pass-through entities”), and the related 2021 Informative to Partners, Form 480.6(EC).

As a general rule, the due date to file the above-mentioned pass-through income tax return as well as the informative to partners is every fifteenth (15th) day of the third (3rd) month following the close of the tax year-end (March 15 for calendar year-end taxpayers).

For taxable years 2021, the PRTD through the issuance of the IR CL 22-07, is granting an additional time to file the above-mentioned returns to be the last day of the third (3rd) month following the close of the tax year-end.

As an example, a pass-through entity with a tax year-end closing on March 31, 2022, must file its pass-through entity return, along with its informative to partners, for taxable year 2021 no later than June 30, 2022, instead of June 15, 2022.  Similarly, the pass-through entity returns and the corresponding informative to partners, which are filed on a calendar year-end basis, must file no later than March 31, 2022, instead of the March 15, 2022.

It is important to mention that the e-filing requirement for the above filings continue as well as electronic payment requirements for any balance due.