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Puerto Rico Retirement Plans Tax Prepayment Window to be Extended Prepayment Window (PDF)
Groom Law Group Nov. 3, 2014
"[A] technical corrections bill to the Puerto Rico Tax System Adjustment Act (Act 77-2014) is expected ... [which] would extend until December 31, 2014, the current window period for the pre-payment of income taxes ... on balances and benefits in qualified and non-qualified retirement plans (the 'Prepayment Window'). In addition, the Puerto Rico Treasury Department ... recently issued Circular Letter of Tax Policy No. 14-02 (CLTP 14-02) ... Originally, the position of the PR Treasury was not to require plans or providers to keep track of Prepayments. However, CLTP 14-02 changed that and now plans or plan providers are required to maintain tracking of the Prepayment. Notwithstanding, employers and plan sponsors are not required to notify Participants about the Prepayment Window."
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