Tom Bolt, Managing Attorney of Tom Bolt & Associates, PC, addressed the Annual Meeting of the Network of Leading Law Firms at their Annual Meeting in New York this past week. Bolt explained the Virgin Islands Economic Development Program that allows taxpayers to pay only 10% of their federal income tax liability and no other state or federal taxes.
"The IRS’s recent tax opinion, IRS Tax Opinion 76-2006, is a green light for the software industry," Bolt told the international group of attorneys. "The IRS has said if you are a software developer and establish your operations in the United States Virgin Islands, you can exempt your sale of software anywhere in the world. In addition, if you place your servers in the Territory and customers download your software or utlize your programs throughout the world, that income is exempt too." Bolt said. "It is a great undiscovered program just waiting to be tapped."
The Network of Leading Law Firms meets the needs of lawyers and their law firms around the world. It was formed at the suggestion of lawyers from across the United States and in other countries who were looking for the opportunity to develop and maintain referral sources to whom they could safely entrust their clients and from whom they could receive referrals to assist network member clients. "The Virgin Islands EDC Program is exactly what our members want to know about." said Austin Anderson, President of the Network.
The law firms invited to join the NLLF are limited to those which subscribe to the highest standards of professional practice and legal ethics. Their membership can now be found on four continents, in 20 countries and 26 U.S. states,and the United States Virgin Islands.
"Our Corporate and Tax Practice Group is ideally situated to address the concerns of these global firms with a diverse client base," Bolt said. "Hopefully more companies will see the benefit of the EDC program which is endorsed by the U.S. Departments of Commerce and Treasury, as well as the Internal Revenue Service. We have gotten the green light and the United States Virgin Islands is open for business," Bolt said.