The federal tax guide for Puerto Rico employers (Publication 179) has issued some changes for taxable year 2018.
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The Puerto Rico Treasury Department issued Administrative Determination No. 18-05 (“AD 18-05”) to both confirm the requisite filing of documentation to properly claim the property casualty loss deduction, and to establish the process whereby this evidence will be submitted to the Puerto Rico Treasury Department for purposes of the 2017 Tax Return.
The Internal Revenue Service has issued Publication 15 - Employer’s Tax Guide 2018, which incorporates changes to Social Security and Medicare and disaster tax relief applicable to taxable year 2018.
Income Tax Returns for individuals and corporations are due on or before the 15th day of the fourth month following the close of the entity’s taxable year. For calendar year taxpayers whose tax year ended on December 31, 2016 the corresponding due date this year is April 18, 2017.