As we embark on a new year, it is once again time to look back to 2023 and review any relevant transactions that may have an impact on your Puerto Rico Tax Compliance requirements.

One relevant tax informative return that is often overlooked is the Donations Return.  The deadline for filing the Donations Information Return related to your donations made during the taxable year 2023 is approaching.

In accordance with the regulations stipulated by the Puerto Rico Department of Treasury (“PRDT”), individuals who have made donations (i.e., donors) exceeding the annual exclusion of ten thousand dollars ($10,000) per donee are required to submit a Donations Information Return.

The completed informative return must be electronically filed by the donor no later than January 31^st, 2024, through the PRDT’s Unified Internal Revenue System (“SURI,” its Spanish acronym) online platform.

Failure to meet this deadline may result in penalties and other consequences.

Therefore, we strongly urge you to promptly review your records and ensure that all necessary information is reported accurately before the deadline.

At RSM Puerto Rico, we can provide you with additional information and advice regarding these matters. Please contact our tax advisors at (787) 751-6164 | [email protected] for help or more information.