Protegemos el bienestar económico de nuestro pueblo

Transcription

1 Protegemos el bienestar económico de nuestro pueblo Edif. Capital Center, Torre I 239 Ave. Arterial Hostos, Suite 1401 San Juan, PR Línea Directa Servicio al Colegiado (CISEC) Tel Fax

2 Junta de Gobierno COMITE EJECUTIVO Presidente Presidenta Electa Ex Presidente Inmediato Primer Vicepresidente Segundo Vicepresidente Tesorero Sub Tesorero Secretaria Sub Secretario Directora Ejecutiva CPA Héctor Bernier Casanova CPA Agnes B. Suárez Méndez CPA Rolando López Rivera CPA Rafael Del Valle Vega CPA Miguel A. Torres Díaz CPA Rafael Nieves CPA David Lugo Hernández CPA Carmen Candelaria CPA Gerardo Rodríguez CPA Edna I. Jiménez DIRECTORES CPA Evelyn Avilés CPA Vanessa De Armas CPA Karen Degró CPA Ettiene Durand CPA Diego Robles CPA Rubén Rodríguez CPA Víctor Tomassini MISION PRESIDENTES DE CAPITULOS Capítulo Área Norte CPA Javier Hernández Capítulo de Bayamón CPA Antonio Tejera Capítulo de Caguas CPA Jorge Torres Silva Capítulo de Mayagüez CPA Michelle de la Cruz Capítulo de Ponce CPA Rafael Cepeda Capítulo de Río Piedras CPA Héctor Ramos Capítulo de San Juan CPA Gerardo Torres Servir al colegiado y promover su excelencia profesional REPRESENTANTE AICPA CPA Jerry De Córdova

3 Reminder for All Months 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 th 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 89 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 th 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 $0,000 during any calendar year after a one-year grace period is required to deposit all federal taxes using EFTPS. 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 or , or visit the EFTPS Web site, Deposits of $0,000 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 th 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 18(c) to include audited financial statements with the income tax return.

4 Tax Event Description January 07 1 Personal and real property assessment day 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 16 Form TSCH-1 Quarterly payment chauffeurs social security Form 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 Deposit income tax withheld from nonresidents prior month if in excess of $0 Form 480-E-1 Fourth installment individual estimated income tax (calendar year 06) Deposit special percent tax withheld on capital investment fund distributions prior month Municipal volume of business tax second semester payment (taxpayers paying in two installments not claiming discount) Form 40 ES- Fourth Installment U.S. Individual estimated income tax - Calendar year 06. Filing of the PR sales and used tax return and payment of the corresponding tax, if required to file and pay electronically- prior month 22 Form FSE 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 31 Form 499R-1B Employer s quarterly return of income tax withheld (Quarter October December 06) Form 499-R-2/W-2PR Submit 06 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 (Magnetic Media Reporting Requirements for Tax Year 05)) Form 499-R-3 06 annual conciliation statement of income tax withheld Form 940PR Federal unemployment annual return for 06 Form 941PR FICA quarterly return. Payment with return if less than $2,500 (Quarter October December 06) Form 89 or EFTPS Deposit FUTA if at prior month undeposited amount exceeds $0 Form PR-UI- and PR-UI-A Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits (Quarter October December 06) 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 06)

5 January SUN MON TUE WED THU FRI SAT New Year s Day Eugenio Maria de Hostos Birthday Martin Luther King s Birthday Línea Directa Servicio al Colegiado: Tel: * Fax: *

6 Tax Event Description February 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 Form 480.9A Deposit of income tax withheld from services rendered prior month Form 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 Deposit income tax withheld from nonresidents prior month if in excess of $0 Deposit special percent tax withheld on capital investment fund distributions prior month Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month 28 Form Summary of informative returns 480.6A, 480.6B, and Form must be filed for each class of informative return Calendar year 06. Payers or withholding agents with five(5) or more informative returns must use Magnetic Media Reporting. (See Publication 05-02). Forms , 480.6A, 480.6B, 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 06. Form 480.6B Informative return Income subject to withholding (services rendered, dividends from corporations, partnership profits distributions, dividends from industrial development, commissions, rents, premiums, annuities, and interests except IRA) Calendar year 06. 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 06 Form Informative return of contributions, withdrawals, refunds, and penalties on individual retirement accounts Calendar year 06 Form W-3PR Annual reconciliation statement of FICA tax withheld (transmittal of withholding statements Forms 499-R-2/W-2PR) Calendar year 06 Annual informative return on tax withheld by the capital investment fund on distributions of industrial development income Calendar year 06 Notification to shareholders of 06 exempt dividend distributions received by the capital investment fund from exempt business Calendar year 06

7 February SUN MON TUE WED THU FRI SAT George Washington Luis Muñoz Marín Birthday Línea Directa Servicio al Colegiado: Tel: * Fax: *

8 Tax Event Description March 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 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 Remittance of distributive share of special partnerships income to its partners who are nonresident aliens, foreign estates, trusts, corporations, and partnerships. Calendar year 06. May request a 30-days extension to file Form Deposit income tax withheld from nonresidents prior month if in excess of $0 Form 11 U.S. corporation income tax return 06 Calendar year taxpayers may request a six-month extension to file using Form 7004 Deposit percent tax withheld on capital investment fund distributions prior month Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month 31 Form 480.6SE Informative return to partners of special partnership. Calendar year 06. May request a 30-day extension to file using Form SC Form 480.6CI Informative return to shareholders of corporation of individuals. Calendar year 06. May request a 30-days extension to file using Form SC

9 March SUN MON TUE WED THU FRI SAT Abolition Day Línea Directa Servicio al Colegiado: Tel: * Fax: *

10 Tax Event Description April 07 2 Capital investment fund must transfer 75 percent of net income derived from non risk activities to the Secretary of the Treasury-Calendar year 06. Form OCS PRT-8-74 Premium Tax Return-Calendar year 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 40 United States Individual Income Tax Return Calendar year 06 may request a four-month extension to file using Form 4868 Form 40 ES First installment U.S. individual estimated income tax Calendar year 07 Form 65 United States Partnership Return of Income Calendar year 06 may request a three-month extension to file using Form 8736 Form 89 or EFTPS Deposit the first installment of U.S. corporate estimated income tax Calendar year taxpayers year 07 Annual Corporation Report (domestic and foreign corporations) year 06 may request a 90-day extension of time to file Form AS Last day to make an election by a corporation or partnership to be considered as corporation owned by individuals for the 07 calendar year Form 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 07) 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 06 Form 480.-(E); 480.; 480.; 480.(I); (II); (D); (F); (OE); ; 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 06 Form AS 2644 Individuals, Corporations, partnerships, special partnerships and corporation of individuals PR income tax returns - calendar year 06 may request a 90-days extension. Section 936 corporations may request extension until the th day of the ninth month after year-end. Individuals may request a 30-days extension Form Summary of informative returns 480.6C Calendar year 06 Payers or withholding agents with five or more informative returns to submit, must use magnetic media reporting. Refer to Publication (Informative Returns Magnetic Media Reporting Requirements for tax Year 05). Forms , 480.6A, 480.6B, 480.6B1, 480.6C, 480.7, 480.7A, and 480.7B must also be filed by magnetic media. Form Nonresident annual return for income tax withheld at source Calendar year 06 Form Deposit Income Tax withheld from non residents prior month if in excess of $0 Form 480.6C Informative return of income subject to withholding nonresidents Form 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 07 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 07 Form AS 2879 Branch Profits tax form Calendar year 06. 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 06 Deposit special percent tax withheld on Capital Investment Fund distributions prior month Payment of any insufficiency on the prepayment of tollgate tax for calendar year 06 with the income tax return (Form II) or with the request for extension (Form AS 2644) Filing of the PR sales and used tax and payment of the corresponding tax prior month 23 Form OCAM PA-O1 Volume of business declaration may request a 6-month extension of time to file (payment with 5 percent discount) 30 Concessionaires Quarterly Report for personal property leasing companies (Quarter January-March 07) Form 499-R-1B Employer s quarterly return of income tax withheld (Quarter January March 07) Form 941PR FICA quarterly return. Payment with return if less than $2,500 (Quarter January March 07) Form 89 or EFTPS Deposit FUTA if at prior month undeposit amount exceeds $0 Form PR-UI- and PR-UI-A Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits (Quarter January March 06)

11 April SUN MON TUE WED THU FRI SAT Good Friday José de Diego s Birthday Línea Directa Servicio al Colegiado: Tel: * Fax: *

12 Tax Event Description May 07 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 11 Form 941PR Extended due date FICA if all deposits were made on time. Form 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 Deposit income tax withheld from nonresidents prior month if in excess of $0 Form AS 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 or P.R. individual income tax return extended due date 30 days. Additional 60-day extension may be requested Form Fiduciary Income Tax Return (Estate or Trust) extended due date 30 days. Additional 60-day extension may be requested. Deposit special percent tax withheld on Capital Investment Fund distributions prior month Exempt Corporations Annual Report Calendar year 06 For calendar years corporations Due date is 30 days after filing the income tax return Filing of the PR sales and used tax and payment of the corresponding tax, if required to file and pay electronically-prior month 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

13 May SUN MON TUE WED THU FRI SAT Mother s Day Memorial Day Línea Directa Servicio al Colegiado: Tel: * Fax: *

14 Tax Event Description June 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 month 14 Form AS Personal Property Tax Return extended due date for taxpayers other than Corporations 30 days. Additional 60-day extension may be requested using Form AS Form 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 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 07) Form Deposit income tax withheld from nonresidents prior month if in excess of $0 Form 480-E-1 Second installment estimated income tax corporations, partnerships, and individuals Calendar year taxpayers year 07 Form 480-E-3A Second installment estimated tollgate tax Calendar year taxpayers year 07 Form 89 or EFTPS Deposit the second installment of U.S. corporate estimated income tax Calendar year taxpayers year 07 Form 40 ES Second installment U.S. individual estimated income tax (Calendar year 07) Deposit special percent tax withheld on Capital Investment Fund distributions prior month Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month

15 June SUN MON TUE WED THU FRI SAT Father s Day Línea Directa Servicio al Colegiado: Tel: * Fax: *

16 Tax Event Description July 07 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 17 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 06 (extended due date 90 days) Form or Puerto Rico Individual income tax return additional extension of 60 days may be requested Form 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 Deposit income tax withheld from nonresidents prior month if in excess of $0 Form Information return regarding investment requirements under 1978 Industrial Incentive Act Calendar year 06 Form TSCH-1 Quarterly payment Chauffeurs Social Security Deposit special percent tax withheld on Capital Investment Fund distributions prior month Municipal volume of business tax first semester payment (Taxpayers paying in two installments not claiming discount) 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 07) Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month 31 Form 499R-1B Employer s quarterly return of income tax withheld (Quarter April June 07) Form 941PR FICA quarterly return. Payment with return if less than $2,500 (Quarter April June 07) Form 89 or EFTPS Deposit FUTA if at prior month undeposit amount exceeds $0 Form PR-UI- and PR-UI-A Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits Quarter April June 07

17 July SUN MON TUE WED THU FRI SAT Independence Day Luis Muñoz Rivera s Birthday Constitution Day José C. Barbosa s Birthday Línea Directa Servicio al Colegiado: Tel: * Fax: *

18 Tax Event Description August 07 Form SC 2225 When applicable, bonded importers, manufacturers of petroleum products excise tax monthly return prior month Form 480.9A Deposit income tax withheld from services rendered prior month Abandoned or Unclaimed Money and other Liquid Assets Annual Report Form 941PR Extended due date FICA if all deposits were made on time 13 Form AS 29-I 05 Personal Property Tax Return extended due date (90 days) Form 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 Deposit income tax withheld from nonresidents prior month if in excess of $0 Deposit special percent tax withheld on capital investment fund distributions prior month 16 Exempt Corporation Annual Report. For income tax returns filed on extended due date July 17, 07 Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month 30 Form Summary of informative returns and 480.7B. Form must be filed for each class of informative return Calendar year 06. Payers or withholdings agents with five or more informative returns to submit must use magnetic media reporting. Refer to Publication (Informative Returns Magnetic Media Reporting Requirements for Tax Year 05). Forms , 480.6A, 480.6B, 480.6B1, 480.6C, 480.7, 480.7A, and 480.7B must also be filed by magnetic media.

19 August SUN MON TUE WED THU FRI SAT Línea Directa Servicio al Colegiado: Tel: * Fax: *

20 Tax Event Description September 07 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 17 Form 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 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 07) Form Deposit Income Tax withheld from nonresidents prior month if in excess of $0 Form 480-E-1 Third installment estimated income tax corporations, partnerships and individuals Calendar year taxpayers year 07 Form 480-E-3A Third installment estimated tollgate tax Calendar year taxpayers year 07 Form 89 or EFTPS Deposit the third installment of U.S. corporate estimated income tax Calendar year taxpayers year 07 Form 40 ES, Third installment of U.S. individual estimated income tax (Calendar year 07) 936 Corporation P.R. income tax return Calendar year 06 extended due date Deposit special percent tax withheld on Capital Investment Fund distributions prior month Form 11 Extended due date for filing Calendar year taxpayers Calendar year 06 Commencement of the renewal process of licenses at the PR Treasury Department Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month

21 September SUN MON TUE WED THU FRI SAT 1 Convención del Colegio de CPA Labor Day Línea Directa Servicio al Colegiado: Tel: * Fax: *

22 Tax Event Description October 07 1 License fees are payable for the full year to which they correspond, not later than the first day of October of each year. 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 Form 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 Deposit income tax withheld from nonresidents prior month if in excess of $0 Form OCAM PA-O1 Volume of business declaration six-month extension of time to file if granted in April Form TSCH-1 Quarterly payment Chauffeurs Social Security Deposit special percent tax withheld on Capital Investment Fund distributions prior month Filing of the PR sales and used tax and payment of the corresponding tax, if required to file and pay electronically-prior month 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 31 Form 499R-1B Employer s quarterly return of income tax withheld (Quarter July September 07) Form 941PR FICA quarterly return. Payment with return if less than $2,500 (Quarter July September 07) Form 89 or EFTPS Deposit FUTA if at prior month undeposit amount exceeds $0 Form PR-UI- and PR-UI-A Puerto Rico Unemployment Insurance and Puerto Rico Disability Benefits (Quarter July September 07) Concessionaires Quarterly Report for personal property leasing companies (Quarter July September 07)

23 October SUN MON TUE WED THU FRI SAT Columbus Day Línea Directa Servicio al Colegiado: Tel: * Fax: *

24 Tax Event Description November 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 Form 941PR Extended due date FICA if all deposits were made on time Form 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 Deposit income tax withheld from nonresidents prior month if in excess $0 Deposit special percent tax withheld on Capital Investment Fund distributions prior month Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month

25 November SUN MON TUE WED THU FRI SAT Veteran s Day Discovery of Puerto Rico Day Thanksgiving Day Línea Directa Servicio al Colegiado: Tel: * Fax: *

26 Tax Event Description December 07 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 17 Form 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 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 07) Form Deposit income tax withheld from nonresidents prior month if in excess of $0 Form 480-E-1 Fourth and last installment estimated income tax Corporations Calendar year taxpayers year 07 Form 480-E-3A Fourth and last installment estimated tollgate tax Calendar year taxpayers year 07 Form 89 or EFTPS Deposit the fourth installment of U.S. corporate estimated income tax Calendar year taxpayers year 07 Deposit special percent tax withheld on Capital Investment Fund distributions prior month Last day for payment of Christmas Bonus Filing of PR sales and used tax monthly return prior month Payment of the sales and used tax - prior month

27 December SUN MON TUE WED THU FRI SAT Christmas Eve Christmas Day Línea Directa Servicio al Colegiado: Tel: * Fax: *

28 General Information on Recurring Tax and Other Reports Report Payroll Taxes Social Security (FICA) and Hospital Insurance (Medicare) Form 941PR FICA Deposits Form 89 or Electronic Federal Tax Payment System (EFTPS) Puerto Rico Employer Quarterly Return of Income Tax Withheld Form 499 R.1-B Puerto Rico income tax withholding on wages deposits Form 499 R.1-A Federal Unemployment Tax (FUTA) Form 940PR FUTA Deposits Form 89 or EFTPS Workmen s Accident and Compensation Insurance Form FSE-693 Filing U.S. Internal Revenue Service Center, Philadelphia, PA Due dates for each, April 30, July 31, October 31, and January 31. Deposit rules may be different Authorized Financial Institution using Form 89 if not required to use EFTPS. Puerto Rico Treasury Department. PO Box San Juan, PR Due dates for each: April 30, July 31, October 31, and January 31. Puerto Rico Treasury Department PO Box San Juan, PR U.S. Internal Revenue Service Center, Philadelphia, PA Calendar year form due January 31. Authorized Financial Institution, using Form 89 if not required to use EFTPS. PR State Insurance Fund Annual Declaration due July. Description The rate remains at 7.65 percent for employer and employee. 6. percent accounts for Old Age, Survivors, and Disability (OASDI) and 1.45 percent for Medicare. The OASDI wage base for 04 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.3 percent tax rate. 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 th 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 $0,000 or more are due the next banking day. EFTPS requirements: Any employer whose aggregate tax deposits in 05 was more than $0,000 or was required to use EFTPS in 05 is required to deposit all depository taxes (including FUTA and corporate income taxes) for 06 using the EFTPS. To enroll in EFTPS, a taxpayer must call or or visit the EFTPS Web site Reports Income Tax withheld to employees in each quarter. 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, 03 to June 30, 04, the employer will be a monthly depositor and the tax withheld will be due the th 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 $0,000 or more must be deposited the next banking day. The FUTA rate for 05 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. FUTA deposits must be made by the last day of the first month after the end of each calendar quarter if tax exceeds $0. EFTPS would also apply to those taxpayers depositing FICA through EFTPS. See EFTPS requirements above. Rates vary according to occupation.

29 General Information on Recurring Tax and Other Reports Report Filing Description Payroll Taxes Chauffeur s Social Security Form TSCH-1 PR Unemployment and Disability Contribution Report Form PR-UI- and Form PRUI-A. Form 499-2/W-2PR Forms 480.5, 480.6A, 460.6B, 480.6C, 480.7, and 480.7A Doing Business Corporations Annual Report Standard form for domestic or foreign corporations. Exempt Corporations Annual Report Manufacturers ID Number Municipal Volume of Business Declaration Form OCAM PA 01 PR Department of Labor, Bureau of Chauffeurs Social Security. Quarterly installments April, July, October, and January. PR Department of Labor, Bureau of Employment Security. Quarterly installments due. April 30, July 31, October 31, and January 31 PR Department of the Treasury on its applicable due date PR Department of State, Corporations Division, PO Box , San Juan PR Due April. May request a 90-day extension. Filing fee $0. Industrial Tax Exemption Office, PR Industrial Development Building and to Treasury Department. File 30 days after Income Tax return is filed. Filing fee $300. The manufacturer must file an Application for Identification Number with the Bureau of Ports Control. 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 (maximum six-month extension available). Installments payments without discount due on July, 06, and January, 07. Tax amounts to 80 per week per driver. 50 driver s contribution and 30 employer. Accounts for disability tax. 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. For calendar year 05, every employer or withholding agent required to file 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 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) Must include a $0 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. 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. 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, percent tax discount allowed if paid on or before five working days after April. 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.

30 General Information on Recurring Tax and Other Reports Report Filing Description Personal Property Tax Return Form AS 29-I Income Taxes Estimated Tax Declaration Form 480-E Estimated Payment of Tollgate Tax Declaration Form 480-E-3 (Rules for filing the estimated tax on corporations must be followed) Income Tax Return of: Corporations Form 480. Partnerships Form 480. Industrial Incentives (Tax Exempt) Form (II) Special Partnerships Form 480.(E) Corporation of Individuals Form 480.(I) Domestic Life Insurance Co. Form (D) Foreign Life Insurance Co. Form (F) Annual Return of Exempt Organization Form (OE) Fiduciary Form Municipal Revenue Collection Center. Due on May. 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 ). 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. Declaration and first installment are due on the th day of the fourth month after year-end. The second, third, and fourth installment are due on the th day of the sixth, ninth, and twelfth months, respectively. For individuals the Declaration and first installment are due on the th day of the fourth month after year-end. The second, third, and fourth installment are due on the th 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. PR Department of Treasury, Bureau of Income Tax. Due the th 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 th 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. 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. 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. 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.

31 General Information on Recurring Tax and Other Reports Report Filing Description U.S. Corporation Income Tax Return Foreign Form 11F Domestic Form 11 U.S. Individual Income Tax Return Form 40 U.S. Return of Partnership Income Form 65 Payment Voucher of Tax Withheld Form A Abandoned Property Abandoned or unclaimed money and other liquid assets Form 11 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 Form 11F with the Internal Revenue Service Center, Philadelphia, PA Due as follows: Foreign corporations th 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 Domestic and foreign with office in the United States th day of the third month after year-end. Sixmonth extension available by filing Form Form 40 should be filed with the Internal Revenue Service Center, Philadelphia, PA and is due the th day of the fourth month after year-end. A four-month extension is available by filing Form An additional extension may be obtained by filing Form With the corresponding IRS office depending on the place where the corporation s principal office is located. Due by the th day of the fourth month after year-end. A three-month extension is available by filing Form An additional extension may be obtained by filing Form Puerto Rico Treasury Department. Deposit due the th day of the fourth, sixth, ninth, and twelfth months. Tax must be paid through estimated tax deposits in four equal installments due on the th day of the fourth, sixth, ninth, and twelfth months of the year if greater than $500. Use Form 89. EFTPS would also apply to those taxpayers already depositing FICA through EFTPS. A partnership does not pay tax on its Income but passes through profits and losses to its partners using Schedule K-1 (Form 65). Schedule K-1 must be furnished to each partner by the date Form 65 is due, including extensions. 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. Sums of money or other liquid assets, having an aggregate value greater than $1 that are presumed abandoned or unclaimed.

32 Días Feriados 07 Día de Año Nuevo Viernes antes Día de Reyes Día de Reyes Natalicio Eugenio M. de Hostos ** Natalicio Martin Luther King** Natalicio George Washington** Día de la Abolición** Viernes Santo Natalicio José de Diego Día de la Recordación Independencia de EE.UU Natalicio Luis Muñoz Rivera Constitución ELA de Puerto Rico Natalicio José Celso Barbosa Día del Trabajo Descubrimiento de América** Día del Veterano Descubrimiento de Puerto Rico** Día de Acción de Gracias Día después de Acción de Gracias Noche Buena ^ Día de Navidad Receso Navideño ^ Despedida de Año *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 enero 1, lunes enero 5, viernes enero 6, sábado enero 8, lunes enero, lunes febrero 19, lunes marzo 22, jueves abril 6, viernes abril 16, lunes mayo 28, lunes julio 4, miércoles julio 16, lunes julio 25, miércoles julio 27, viernes septiembre 3, lunes octubre 12, viernes noviembre 11, domingo noviembre 19, lunes noviembre 22, jueves noviembre 23, viernes diciembre 24, lunes diciembre 25, martes diciembre 26-28, m-v diciembre 31, lunes Directorio de Servicios al Colegiado Servicio al Colegiado Teléfono(787) Correo Electrónico Centro de Información de Servicio al Colegiado(CISEC) cisec@colegiocpa.com Educación Continuada, Cuotas, Plan Médico, Seguros, Ofertas, Convención, Cambio de dirección Asesor Contributivo rcarazo@colegiocpa.com Asesor Técnico rrosario@colegiocpa.com Asesor Recursos Humanos jnater@colegiocpa.com Excelencia Profesional mlaboy@colegiocpa.com Secretaria Excelencia Profesional jgarcia@colegiocpa.com Revisión de Bitácora jgarcia@colegiocpa.com Educación Continuada educon@colegiocpa.com Administrador de Sistemas privera@colegiocpa.com Capítulos irizarry@colegiocpa.com Comités kcolon@colegiocpa.com El CPA, Comunicaciones acestero@colegiocpa.com Ultima Hora, Auspicios maviles@colegiocpa.com Tu Colegio te Visita x.274 dsanchez@colegiocpa.com Estampillas y Recepción Oficina de la Junta de Gobierno carmencita@colegiocpa.com Directora Ejecutiva