by Nancy S. Gerrie and Jeffrey M. Holdvogt
The Puerto Rico Treasury Department recently issued Circular Letter No. 13-02, extending the deadline for employers that sponsor qualified retirement plans benefiting Puerto Rico employees to adopt amendments and file for determination letters on the qualified status of their plans under the 2011 Puerto Rico tax code.
Tax-qualified retirement plans benefiting Puerto Rico employees—both dual-qualified (i.e., plans qualified under both the U.S. and Puerto Rico Internal Revenue Codes) and Puerto Rico-only qualified—that have not already been amended or filed to comply with the 2011 Puerto Rico tax code now must be both amended and filed by the due date (not including any extension) for the employer to file its Puerto Rico income tax return for the first taxable year commencing on or after January 1, 2013. For employers with a calendar tax year, the deadline is April 15, 2014.
Puerto Rico employers that file for a three-month extension of time to file their income tax return for the first taxable year commencing on or after January 1, 2013, may have this deadline extended. However, use of this extended deadline requires payment of an additional $150 filing fee for the determination letter filing. Employers with a calendar tax year that use this extension will have a deadline of July 15, 2014.
For more information on the Puerto Rico amendment and filing requirements, see “Puerto Rico Retirement Plans: Issues Employers Should Think About in 2012” (which has not been updated to reflect the new amendment and filing deadlines).