Outsourcing Alert

2021 Tax Year electronic filing requirements

Julio Villegas
By:
On November 2, 2021, the Puerto Rico Treasury Department issued the Informative Bulletin 21-09 to notify the changes made to Forms 499R-2/W-2PR and Informative Returns for the year 2021.
Contents

What’s new

  • Forms 480.6B – Informative Return – Other Income Subject to Withholding
    • new space was added to Box 1 “Payments for Judicial or Extrajudicial Indemnification” to identify if the indemnification payment corresponds to a capital asset.
  • Forms 480.6SP – Informative Return – Services Rendered
    • form instructions clarified that the amounts that were reimbursed to the service provider for expenses paid and that were presented separately in the invoices, are reported separately on “Reimbursed Expenses” Box.
  • Forms 480.7G – Informative Return – Tuition Statement for the American Opportunity Tax Credit
    • this new form was created to replace the Certification established in Part II-F-1 of Internal Revenue Circular Letter No. 21-02 with the purpose of standardizing the way in which Eligible Educational Institutions report the information required for the American Opportunity Tax Credit. For additional information, refer to Internal Revenue Circular Letter No. 21-23.
  • Forms 480.5 – Summary of Informative Returns
    • box of “Form 480.6E – Informative Return – Mail Order Sales” was eliminated because said informative return is no longer used in accordance with the Internal Revenue Informative Bulletin No. 21-02.
    • new box was added to include Form 480.7G – Informative Return - Tuition Statement for the American Opportunity Tax Credit

Filing reminders

  • the forms (499R-2/W-2PR) must be file by January 31, 2022.
  • the forms (480.6A, 480.6B, 480.6D, & 480.7F) must be file by February 28, 2022.
  • the forms (480.6C) must be file by April 18, 2022.
  • the forms (480.7E) must be file on or before the due date of the income tax return, including extensions.
  • all transactions related to withholding taxes will be managed electronically through the Internal Revenue Integrated System (SURI).
  • the Department of Treasury will not accept forms printed without the confirmation number (handwritten or typed confirmation numbers on the forms) will automatically invalid the forms.
  • once the Withholding Statement or Informative Return is filed electronically through SURI, the employer or withholding agent can deliver a copy of the return to the recipient within the next seven (7) calendar days, counted from the deadline established to file the corresponding form. The Withholding Statements and Informative Returns can be delivered by electronic media, as established by the Internal Revenue Circular Letter No. 16-11.
  • the Department of the Treasury has required the electronic filing of Form AS 2727 “Request of Extension of Time to File the Withholding Statement (W-2PR) and Reconciliation Statement of Income Tax Withheld (499R-3). The electronic application will be available through SURI. Filings in paper form, via fax, mail or any other method will be considered as not filed.
  • the social security wage base for the tax year 2021 is $142,800.

Reference Links:

Informative Bulletin 21-09

Internal Revenue Circular Letter No. 21-23

Internal Revenue Circular Letter No. 16-11

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