The federal estate tax, a source of consternation for many who believe personal wealth and assets should be freely transferable to family, friends or charities after a person dies, seems to have become a permanent fixture of U.S. tax law. However, opposition to the estate tax — which some opponents have dubbed the “death tax”
The Importance of Filing Your Taxes — Even if You Cannot Pay
During tax time, it’s fairly common for people to realize that they don’t have the financial resources to pay the full or even a partial amount of their tax obligations. In these situations, the logical action for many is to avoid filing taxes altogether. After all, if you cannot pay the bill, what’s the point
How to Decide Who Should Have Your Health Care Power of Attorney
Choosing your health care power of attorney is an incredibly important decision, as the person you authorize — known also as an agent — will be able to make important decisions on your behalf if you can no longer communicate or become medically incapacitated, as in the instance of a coma.
When it comes to
The Dangers of Prepackaged Wills and Trusts
In our do-it-yourself era, prepackaged wills and trusts may seem like an incredibly convenient option for individuals and couples not wanting to add extra stress to an already emotional process. However, most legal professionals strongly advise against using them. If your will or trust doesn’t meet specific requirements, your wishes may not be carried out
Recent Arrest Demonstrates US Virgin Islands’ Crackdown on Tax Evasion
A recent arrest made in the U.S. Virgin Islands has demonstrated the territory’s renewed dedication to enforcing tax evasion laws. In April, police arrested Johnathan Cohen, the sole owner of JKC Communications. Cohen was charged with failing to file and pay both individual and corporate income taxes for the past several years, according to the
Misrepresentation Requires a Promise to Act Now
Carole Chestnut appealed a judgment in favor of her aunt, Elsa Goodman. The jury found Chestnut liable for negligent misrepresentation when she convinced Goodman to give her an interest in her property on St. Croix, U.S. Virgin Islands in exchange for Chestnut’s promise to move in and care for Goodman in her advancing age.
Continue Reading Misrepresentation Requires a Promise to Act Now
U.S. Third Circuit Uses Vento for Guidance on Residency
U.S. Virgin Islands residents pay income taxes to the Virgin Islands Bureau of Internal Revenue (VIBIR) rather than the Internal Revenue Service (IRS). The appellants in the recently decided case, Vento v. Director of Virgin Islands Bureau of Internal Revenue, (C.A. 3 April 17, 2013). Richard and Lana Vento filed a joint 2001 income tax return with the VIBIR, as did their three adult daughters. The United States argued that Richard and Lana Vento and their daughters (collectively, "The Ventos") were required to file those returns with the IRS instead. The proper tax jurisdiction depended upon whether they were bona fide residents of the U.S. Virgin Islands as of December 31, 2001.Continue Reading U.S. Third Circuit Uses Vento for Guidance on Residency
Effective Planning for the Newly Divorced
If you are newly divorced, you’re probably overwhelmed with all of the changes going on in your life.You should seriously consider stepping back, taking a deep breath and began developing a plan to secure your future. One of the basic steps in moving forward after this major event in your life is updating your estate plan.Continue Reading Effective Planning for the Newly Divorced
Keeing the VI Bureau of Internal Revenue at Bay on Audits
There is no guarantee that you will not be audited by the Virgin Islands Bureau of Internal Revenue (BIR), but there are four (4) simple steps that you can take to minimize your chances of being audited and, if you are audited, to minimize your chances of having to pay additional taxes, penalties and interest.Continue Reading Keeing the VI Bureau of Internal Revenue at Bay on Audits
Governor Promotes Urban Renewal with Tax Benefits
U.S. Virgin Islands Governor John P. de Jongh De Jongh has executed an executive order this past week laying the groundwork for new economic and cosmetic renewal projects in historic towns on St Croix and St Thomas.
“The United States Virgin Islands recognizes the importance of revitalizing these once-vibrant towns with an infusion of new business and economic opportunities, to renew their physical appearance, and to rejuvenate and diversify the local economy by providing incentives for business relocation and job creation,” de Jongh said in the order.
Accordingly, Government House will establish Enterprise Zones within those towns “in order to attract new businesses and provide incentives for investment in order to sustain the future preservation of these towns for the People of the Virgin Islands.”Continue Reading Governor Promotes Urban Renewal with Tax Benefits