January 10
FORM SC 2225
Monthly Excise Tax Return
and payment.
FORM SC2915
Sales and Use Tax Monthly
Return and payment.
FORM 480.9A
Payment Voucher of Tax
Withheld on services rendered.
January 15
FORM TSCH-1
Chauffeur’s (and other
employees’) Social Security –
Quarterly payment.
FORM 499 R-1
Employer’s Monthly Deposit of
Income Tax Withheld from
Employees for the month of
December.
FORM 941 File through
Electronic Federal Tax
Payment System (EFTPS)
Employer’s Monthly Deposit of
Social Security and Medicare
Withheld from Employees for
the month of December.
FORM 480.31
Deposit of Income Tax Withheld
at Source from Nonresident
persons during previous month.
FORM 480.9A
Payment Voucher of Tax
Withheld on distributable profits
to stockholders of Subchapter
N Corporations, estimated net
income of Special Partnerships
and judicial or extra judicial
indemnifications.
4
New rules to deduct auto expenses
One of the most controversial changes
of the 2011 Tax Reform and the Internal
Revenue Code for a New Puerto Rico
limits the deduction of expenses related to
the use and maintenance of automobiles,
effective January 1, 2013. According to
Administrative Determination 12-10, the
deduction for expenses incurred or paid
for the use and maintenance of a car in the
performance of a trade or business or for the
production of income must be determined
using a standard rate per mileage of use
of sixty (60) cents, in lieu of the actual
expenses incurred. The following expenses
are included in the standard mileage rate:
fuel, repairs, oil changes and filter cleaning,
tires, insurance, annual license fees and other
routine maintenance costs of a similar nature
related to the use and maintenance of a car.
The standard mileage rate does not include
deductions for depreciation or the cost of
lease payments, nor parking or highway tolls.
No deductions will be allowed for
estimated costs. To claim deductions,
employers must maintain accurate and
detailed records, which must be available for
six (6) years to the Department of Treasury.
Taxpayers must prorate the mileage between
personal use of the vehicle and its use in trade
or business or for the production of income.
Kevane Grant Thornton’s experts are
prepared to work with you to monitor
compliance and to determine your business
automobile mileage or expense as per the new
statutory dispositions.
The new rules will eliminate the
requirement of using an odometer or
journal as the only way to report these
expenses, according to conversations held
by the Committee of the Puerto Rico CPA
Society with the Secretary of the Puerto
Rico Treasury Department on October 10,
2012. As an alternative, taxpayers will be
able to use a trace log between municipalities
under the miles available at the Department
of Transportation and Public Works (as of
the issuance date of this calendar the new
regulation is pending publication.)
33 Calle Bolivia Ste 400 San Juan, Puerto Rico 00917
T (787) 754-1915 F audit 751-1284 tax 250-1046
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January 15 (cont.)
FORM 480.9
Payment of Income Tax
Withheld on dividends,
partnerships distributions,
interest and 10% penalty on
IRA.
Eligible Business
Report
Quarter Ending 12/31/12.
Volume of Business Tax
Due date for payment of
second semester – 2012-2013.
FORM 480.E-1
2012 P.R. Individual Estimated
Tax Payment Voucher-Fourth
Installment.
FORM 1040-ES
2012 U.S. Individual Estimated
Income Tax-Fourth Installment
payment.
January 31
FORM 941-PR
FICA Quarterly Return and
payment-Quarter ended
12/31/12.
FORM 499 R-2/W-2 PR
Employer’s Withholding Statement for Calendar Year 2012.
FORM 499 R-3
2012 Annual Reconciliation
Statement of Income Tax
Withheld.
FORM PR-UI-1O and
PR-UI-10A
P.R. Unemployment Insurance
and Disability Benefits-Quarter
ended 12/31/12.
FORM 940-PR
Employer’s Annual Federal
Unemployment (FUTA) Tax
Return. (However, if all tax due
is deposited on time, you have
10 more days to file).
FORM 940 File through
Electronic Federal Tax
Payment System (EFTPS)
Federal Unemployment
Quarterly Deposit for-Quarter
ended 12/31/12. If liability for
the quarter is less than $500
no deposit is required.
FORM 499 R-1B
Employer’s Quarterly Return of
Income Tax Withheld-Quarter
ended 12/31/12.
FORM SC 2788
Puerto Rico Gift Tax Return.
An extension of up to 6 months
is available.
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New Year’s Day
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Three Kings’ Day
Eugenio María de Hostos’
Birthday
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Martin Luther King Jr. Day
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February 8
FORM SC 2225
Monthly Excise Tax Return and
payment.
FORM SC 2915
Sales and Use Tax Monthly
Return and payment.
Seizing opportunities is not easy when one
is immersed in the daily needs of today’s
business environment. Moreover, technology
has given many businesses an equal advantage
to target the same opportunities as they arise.
February 11
However, if a business is fine-tuned to
anticipate its future needs, there is a chance to
seize other types of opportunities and look
for the perfect environment in which to create
them. This is directly linked to the phrase
“Thinking Out of the Box.”
FORM 480.9A
Payment Voucher of Tax
Withheld on services rendered.
February 15
FORM 480.31
Deposit of Income Tax Withheld
at Source from Nonresident
persons during previous month.
FORM 480.9A
Payment Voucher of Tax
Withheld on distributable profits
to stockholders of Subchapter
N Corporations, estimated net
income of Special Partnerships
and judicial or extra judicial
indemnifications.
FORM 480.9
Payment of Income Tax Withheld
on dividends, partnerships
distributions, interest and 10%
penalty on IRA.
FORM 499R – 1
Employer’s Monthly Deposit
of Income Tax Withheld from
Employees for the month of
January.
6
Think “out of the box” with your Trusted Business Advisors
The “Box” in the phrase is the current
business routine or the opportunities that
cover the needs of the daily business, which
can mean generating current cash flows which
is a good thing. On the other hand, the “out
of the box ” part of the phrase alludes to
seizing other opportunities and looking for
other boxes, which in conjunction with the
routine business “Box” can produce better
results.
Finally, we have the most challenging part
of the phrase, the “Thinking.” It is said that
four eyes observe better than two; the same is
true about thinking except the saying is “Two
heads are better than one.”
While business owners are usually aware
of their current and future business needs,
the challenge is in identifying ways to fulfill
those needs -- the “How To.” This is where
a Trusted Business Advisor becomes an
important ally.
33 Calle Bolivia Ste 400 San Juan, Puerto Rico 00917
T (787) 754-1915 F audit 751-1284 tax 250-1046
E kgt@pr.gt.com W www.kevane.com
Essentially, a Trusted Business Advisor
guides you in the “Thinking” process of
decision-making, from restructuring your
business departments, reshaping the internal
controls and operating procedures, etc.
Trusted Business Advisors have the expertise,
the exposure and networks in many industries
as well as experience in managing their own
businesses with success.
As Business Advisors we are aware of the
challenges our clients face in very different
industries and we realize there is a common
denominator in each -- the “How To. ” We
also know that for every challenge there is
more than one opportunity.
At Kevane Grant Thornton, we invite
you to boost your “Thinking” with us as
your Trusted Business Advisors. Test us.
Communicate your needs. Create your other
Box and link your business to a network of
opportunities.
February 15 (cont.)
FORM 941 File through
Electronic Federal Tax
Payment System (EFTPS)
Employer’s Monthly Deposit of
Social Security and Medicare
Withheld from Employees for
the month of January.
February 28
FORM W-3PR
Transmittal of Withholding
Statements Annual
Reconciliation of FICA Tax
Withheld.
FORM 480.5
Summary of Informative
Returns.
FORM 480.6A
Informative Return-Income Not
Subject to Withholding.
FORM 480.6b
Informative Return-Income
Subject to Withholding.
FORM 480.6b.1
Annual Reconciliation
Statement of Income Subject
to Withholding.
FORM 480.6D
Informative Return-Exempt
Income and Exempt Income
Subject to Alternative Basic Tax.
Monday
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Lincoln’s Birthday
17
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Ash Wednesday
St. Valentine’s Day
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26
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Luis Muñoz Marin /
Presidents’ Day
24
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