Acosta & Ramirez Law Office, LLC

Treasury Provides Guidelines in the Application of Tax Refunds and Excess Payments Against Other Taxes Due

Puerto Rico Treasury Department (the “Treasury”) Administrative Determination 20-10 (“AD 20-10”) announced that it will allow taxpayers with excess payments that have not elected to apply such payment against future taxes to request Treasury to apply such excess against the same or other types of taxes.


PR Treasury Extends Eligible Period for Qualified Retirement Plans and IRA Distributions Under COVID-19 Crisis

On June 22, 2020, the Puerto Rico Treasury Department (“PR Treasury”) issued  Internal Revenue Circular Letter 20-29 ("CC 20-29" ) in order to extend the eligible period for receiving Disaster Special Distributions from Retirement Plans and Individual Retirement Accounts ("Special Distributions") previously established under PR Treasury Internal Revenue Circular Letters 20-09, 20-23 and 20-24 to cover distributions carried out as a result of the COVID-19 emergency.


Governor Signs Into Law Complimentary Act Addressing Economic Impact Caused by COVID-19

On June 14, 2020 the Governor of Puerto Rico enacted into law Act No. 57-2020, known as the Complimentary Act Addressing Economic Impact Caused by COVID-19 (the “Act”). 


CORRECTION: Disbursement Strategic PlanFinancial Assistance Program for Small and Medium-Sized Businesses

We refer to the Request Procedure section of the News Alert referenced above. We clarify that the second paragraph of this section should read as follows:


Tax Technical Amendments Act Enacted

On April 16, 2020, the Governor of Puerto Rico Wanda Vazquez signed Act 40-2020 introducing sweeping amendments to various Puerto Rico tax statutes.  Unless otherwise specified, the following amendments are effective as of April 16, 2020.


Announcements:

 

Prepared Foods Sales Tax Exemption Extended

IRA and Qualified Plans Distribution Forms Simplified


FAMILIES FIRST CORONAVIRUS RESPONSE ACT

On March 18, 2020, President Donald J. Trump signed into law the Families First Coronavirus Response Act (the “FFCR Act”) effective April 1 through December 31, 2020.

 


CRIM Grants Real Property Tax Relief during COVID-19 Emergency

As part of the Government of Puerto Rico emergency measures amid the COVID-19 crisis, on March 30, 2020, the Municipal Revenue Collection Center (the “CRIM”) issued Administrative Order 2020-04 granting relief in the imposition of interests, surcharges and penalties on certain real property taxes during this period.


PR Treasury Exempts Qualified Employer Payments Amid COVID-19 Pandemic

On March 29, 2020, the Puerto Rico Treasury Department ("PR Treasury") issued Internal Revenue Circular Letter 20-22 ("CC 20-22" ).  As further explained below, this circular letter expands the definition of Qualified Payments on Disaster Relief ("Qualified Payments") previously established under PR Treasury Internal Revenue Circular Letter 20-08 (" CC 20-08" ) to include payments as a result of the COVID-19 emergency.


COVID-19 Update #2

Treasury Extends Deadlines for Tax Filing and Payments Amid COVID-19 Crisis


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