On January 18, 2019, the United States Internal Revenue Service issued final regulations meant to address the confusion regarding whether a rental business is a “trade or business” under Internal Revenue Code Section 199A. The proposed revenue procedure provides a safe harbor election allowing rental business to be treated as a “trade or business” solely
For companies that qualify, the U.S. Virgin Islands offers extremely advantageous tax benefits for corporations looking to improve their bottom line. The tax structures available to corporations in the U.S. Virgin Islands offer continuity with Federal tax laws while allowing for greater tax reductions and exemptions.
Corporations in the U.S. Virgin Islands are governed by
While the U.S. Virgin Islands is not a state, it is still subject to the majority of U.S. federal laws, given that it is an unincorporated territory. A mirror federal tax code applies in the territory, but rather than being administered by the Internal Revenue Service, it is administered by the Virgin Islands Bureau of
As of March 20, 2020, the United States Treasury Department announced the following COVID-19 tax deadline guidelines, giving certain taxpayers and businesses an additional 90 days to file and pay their 2019 tax liability. The U.S. Virgin Islands have also adopted these guidelines. Here are the key dates.
Tax return deadline – July 15, 2020.
This April, the United States Treasury announced it approved 14 different neighborhoods on St. Croix and St. Thomas as being Qualified Opportunity Zones, meaning they are eligible for federal tax breaks under the Tax Cuts and Jobs Act, passed by Congress and signed into law by President Donald Trump in December.
In a statement, U.S.
Although the Internal Revenue Service has extended the tax filing deadlines for 2017 income tax returns with the Virgin Islands Bureau of Internal Revenue until June 29, 2018 due to Hurricanes Irma and Maria, but it not too early to prepare get ahead on your 2018 tax filing due April 15, 2019. When it does
By now you have hopefully filed your business’s 2017 tax return. It probably feels like a big burden off your shoulder, but next year’s tax season will be here sooner than you know it. When it does finally arrive, it’s important to be prepared.
You can help yourself better prepare for next season by beginning
There’s still a little bit of time left for you to get your tax return in. If you’ve put it off until the last minute, don’t worry—you’re not alone. Just make sure you have filled out all the paperwork correctly and have maximized the amount of money you stand to get back on your tax
We are now in the midst of tax season, which means people across the United States and its territories are busy compiling their records and receipts and preparing their income tax return paperwork. This can be a stressful time of the year, especially if you are not entirely sure what is required out of you
The recent hurricanes in the U.S. Virgin Islands left homeowners and businesses alike with massive damage unlike anything they had seen in the past. These property losses continue to have major implications on families and businesses now that tax season is upon us.
Fortunately, new laws enacted several months ago provide special tax breaks for