By: Yaritza Portalatín-Méndez, Esq.
The Treasury Department and the Internal Revenue Service have both postponed the 2020 individual income tax return due date for May 17, 2021.
The IRS has ONLY extended the individual income tax returns. Filing deadlines for US Corporate Income Tax Returns (Form 1120), US Income Tax Returns for Estates and Trust (Form 1041) are still April 15, 2021. The IRS did not extend the first estimated quarterly tax payment, therefore, the first Federal estimated tax quarterly payment, if applicable, is due on April 15, 2021.
On the contrary, the Puerto Rico Treasury announced that all the taxpayers with a 2020 calendar tax year who are required to file an Income Tax Return no later than April 15, 2021, have until May 17, 2021 to file, including any payment due with the return. This postponement covers corporations and entities that have a tax year end of December 31, 2020 and whose original due date to file was no later than April 15, 2021. The installment corresponding to the first quarter of Puerto Rico estimated income tax for 2021 is postponed and will be due with on June 15, 2021, along with the installment corresponding to the second quarter.
| Puerto Rico Treasury Postponement: | |
| PR Individual Income Tax Return (2020) and any payment due with the return. | May 17, 2021 |
| Entities and all taxpayers with a calendar tax year that are required to file no later than April 15, 2021 (including any payment due with the return). | May 17, 2021 |
| First quarter of PR estimated income tax payment for 2021. | June 15, 2021 |
| Individual taxpayers eligible to divide their 2020 tax payments in two installments. | First payment: May 17, 2021
Second Payment: November 17, 2021 |
| Special Partnerships, Corporation of Individual, flow through entities, revocable trust, and grantor trust required to file an Informative Return along with its Informative Declarations no later than March 15, 2021. | April 15, 2021 |
| Internal Revenue Service Postponement: | |
| Federal Individual Income Tax Returns (2020) and any payment due with the return. | May 17, 2021 |
This publication is a summary of recent pronouncements referred to herein and is not intended to substitute legal advice. We encourage you to contact us or your tax advisor if you have any questions or need assistance regarding any of the matters presented herein. An attorney-client relationship with Pellot-González, P.S.C. cannot be formed by reading or responding to this memorandum. Such a relationship may be formed only by express agreement with Pellot-González, P.S.C.
