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Puerto Rico Tax Services for Individuals 2023

At SOLIDUS CPA LLC, we are committed to providing top-notch accounting services to individuals and businesses alike.  Our priority is to help our clients remain compliant with all Puerto Rico tax regulations, including 2023 Individual Income Taxes. 

1. PR Basic Individual Income Tax Return (Form 482): $65

  • No dependents

  • Up to 2 Forms W-2PR or 480.7C/1099-R

  • Personal Exemption

  • Work Credit (if applicable)

3. PR Individual Income Tax Return for Employees with Children (Form 482 and 1040-SS):

starting at $125

  • Up to 2 Forms W-2PR

  • Personal Exemption

  • Up to 3 dependents

  • Claim Child Tax Credit or Additional Child Tax Credit (if applicable)

  • Claim Work Credit

  • Preparer's Due Diligence

5. Accounting and Taxes for DBA/Self-Employed: Starting at $875

  • Process accounting for 2023 (client must provide all bank statements, up to 2 bank accounts, up to 50 transactions per month)

  • Up to 2 Forms W-2PR

  • Up to 5 Forms 480.6SP

  • Personal Exemption

  • Schedule M (client must provide profit and loss statement)

  • Schedule C (1040-SS)

  • Self Employment Tax

  • Form 1040-ES (as applicable)

  • Volume of Business Declaration

  • Personal Property Return (CRIM)

2. PR Individual Income Tax Return (Form 482) for employees and itemized deductions: starting at $95

  • No dependents

  • Up to 2 Forms W-2PR

  • Itemized deductions (mortgage interest, donations, contribution to IRA, interest on student loans).

  • Interest, dividends and miscellaneous income.

4. PR Individual Income Tax Return for Self-Employed (Forms 482 and 1040-SS): starting at $425

  • Up to 2 Forms W-2PR

  • Up to 5 Forms 480.6SP

  • Personal Exemption

  • Schedule M (client must provide profit and loss statement)

  • Schedule C (1040-SS)

  • Self Employment Tax

  • Form 1040-ES (as applicable)

  • Volume of Business Declaration

  • Personal Property Return (CRIM)

Requirement to provide with a report on agreed upon procedures. 

CC-RI 19-14  Requirement of Report on Agreed Upon Procedures to be entitled to deduct certain expenses for the purposes of the Basic Alternative Tax (CBA) and the Alternative Minimum Tax (CAM)

1. Act 257-2018 requires all entities taxed as a corporation to submit the CPA report to be able to claim deductions to arrive at the net taxable income subject to normal tax for purposes of the  Alternative Minimum Tax (CAM)

2. Taxpayers subject to AUP: all businesses (individuals, corporation, partnership, special partnership, LLCs, corporation of individuals, insurance companies, investments, among others, doing business in Puerto Rico, that in determining its net taxable income  subject to CBA or CAM, opt to consider all expenses claimed in determining net income subject to normal tax. 

 

CC-RI-20-39  Requirement of Report on  Agreed Upon Procedures as provided in Section 1061.15 of the Puerto Rico Internal Revenue Code of 2011

1. Section 1061.15 of the Puerto Rico Internal Revenue Code, as amended by Act 157-2018 and Act 40-2020. Businesses with a volume of business of $3,000,000 or more but less than $10,000,000 have the option to submit an Agreed Upon Procedures report instead of an Audited Financial Statement with the tax return.

2. Businesses with volume of business of $1,000,000 or more but less than $3,000,000 may voluntarily submit an Audited Financial Statement or a CPA report to obtain withholding waiver on professional services.

3. A person that participates in a group of related entities, with volume of business of $1,000,000 or more, will not be required to submit Audited Financial Statements, but is required to submit the (Compliance Attestation) CPA report, when not opting to submit audited financial statements.

If you have any questions regarding these requirements or need the Agreed-Upon Procedures report, please reach out so we can provide you with a quote for those services.

Contact us or schedule a meeting

If you have a particular situation that is not listed above, please feel free to contact us through this form and let us know so we can help you.

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