
On November 17, 2021, the Puerto Rico Treasury Department issued Administrative Determination 21-09 (AD 21-09), where it establishes the procedures that allow eligible taxpayers to claim carryback of net operating losses due to the COVID-19 emergency in Puerto Rico.

Eligible individuals can claim their AOTC tax credit, of up to $1,000, through their 2020 tax return.

A tax planning checklist for individual taxpayers With the 2021 tax season fast approaching, taxpayers need to start preparing for the season. There are certain things individual taxpayers can do before the end of the year to prepare and be ready to file their 2020 income tax return.