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.
Act 52: 9 Amendments to the P.R. Internal Revenue Code of 2011
On June 30, 2022, the Governor of Puerto Rico signed Act 52 of 2022 (Act 52), which introduced amendments to certain provisions of the Puerto Rico Internal Revenue Code of 2011, as amended (PR Code). Such amendments are summarized as follows:
Compliance Guideline for Community Medical Services under Act 14 and Act 60
DDEC issued guidelines for compliance with community medical services for qualified physicians under Act 14 of 2017 and Act 60 of 2019.
Procedures to Claim Carryback of Net Operating Losses Generated During 2020
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.
Summary of Deadline Extensions for 2020 Tax Season
In our March and April 2021 Tax Alerts, we analyzed t