| Do you know the importance of filing all the required Informative Declarations for Tax year 2023 if you are an employee? The Deadline for 480’s to be filed is February 28, 2024. (Forms 480 – Forms 1099 equivalents). Any person who credits or makes payments of $500 and over during the tax year 2023 and who becomes obligated to withhold the tax on such payments shall file a return specifying the total amount paid or credited, the tax deducted and withheld, the name, address, and the account number of the person to whom the payment or withholding was made. All payments to professional service providers are required to be reported on Form 480. You can prepare the 480 filings yourself and provide a copy to Etrends, or allow us to take this complicated task off your hands. All 480 forms prepared by Etrends will be mailed to the 480 recipient and e-filed to the PR Treasury Departments. Proof of filing will be provided to you. Our 2023 480 filing fees are listed below: |
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| The 480 worksheets will provide us with the information we need to prepare your 480 filings. To ensure we have sufficient time to meet the February 28 deadline, you can fill out worksheet by following the link below no later than February 10th. Any expense that is not reported on its respective Form 480 will be disallowed as a tax deduction on the income tax return. Also, penalties for late and miss filings are $500 per informative return. If you have any questions regarding filing requirements, please contact us at787-691-0107. As always, we thank you for your business. |
