Puerto Rico Aging Accounts Payable
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How to fill out Aging Accounts Payable?
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FAQ
If you are a bona fide resident of Puerto Rico during the entire tax year, you'll file the following returns: A Puerto Rico tax return (Form 482) reporting your worldwide income. A U.S. tax return (Form 1040) reporting your worldwide income. However, this 1040 will exclude your Puerto Rico income.
Residents of Puerto Rico must file Forms 1040-SS or Form 1040-PR to claim their 2021 Child Tax Credit (CTC) for their qualifying children. For additional information on claiming this credit, please see the Instructions for Form 1040-PRPDF or the Instructions for Form 1040-SSPDF.
Yes, since you are a Puerto Rico resident, you must file the Puerto Rico income tax return reporting all your earnings, and you may claim a credit in such return for any income taxes paid to the United States.
From an employment law perspective, this means federal statutes such as Title VII, FLSA, ADA, ADEA, FMLA, USERRA, OSHA, ERISA, COBRA, among others, apply to Puerto Rico. For stateside employers, that is the easy part.
Puerto Rico holds a unique position as an unincorporated U.S. territory. Under Internal Revenue Code (IRC) §933, Puerto Rico source income is excluded from U.S. federal tax.
If you are a bona fide resident of Puerto Rico during the entire tax year, you'll file the following returns:A Puerto Rico tax return (Form 482) reporting your worldwide income.A U.S. tax return (Form 1040) reporting your worldwide income. However, this 1040 will exclude your Puerto Rico income.
While the Commonwealth government has its own tax laws, Puerto Rico residents are also required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
To exclude Puerto Rico income from a return where the taxpayer is a bona fide resident of Puerto Rico, from the Main Menu of the tax return (Form 1040) select: Income menu. Other income. Section 933 Excluded Income from Puerto Rico.
2 As a result, although Puerto Rico belongs to the United States and most of its residents are U.S. citizens, the income earned in Puerto Rico is considered foreign- source income and Puerto Rico corporations are considered foreign.
