Puerto Rico Treasury Dept. announces new tax return filing deadline
The Puerto Rico Treasury Department confirmed that the new filing date for individual and corporate returns corresponding to the 2020 tax year will be extended to May 17, 2021, from April 15, 2021.
In an Administrative Determination released Tuesday, the agency confirmed that it is juggling several events in the midst of COVID-19.
“Our staff is working hard on all the programming for the 2020 tax cycle within the limitations that the COVID-19 pandemic has brought to both the private sector and the government,” according to the document signed by Puerto Rico Treasury Secretary Francisco Parés.
“In addition, the Department is already working on the programming of the new economic stimulus package, known as the American Rescue Plan Act of 2021, so that as soon as the US Treasury approves the distribution plan, the money can be sent to Puerto Rico residents as soon as possible,” he said.
On Mar. 17, the agency sent the Financial Oversight and Management Board for Puerto Rico a draft of the Administrative Determination in which it proposed to postpone the filing deadline for tax returns for individuals and corporations, News is my Business confirmed.
That same day, the US Department of the Treasury and the Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year would be automatically extended from April 15, 2021, to May 17, 2021.
In the local order, Treasury confirmed that individuals or entities needing additional time to submit the 2020 tax return will have until May 17 to submit an automatic extension request for an additional six months.
While the request allows extending the filing deadline date, it does not extend the payment date. So, if Treasury accepts the applicant’s request for an extension, the balance of the tax obligation due, if any, must be submitted with the request to avoid getting hit with interest, surcharges and penalties.