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
As the calendar year swiftly comes to an end, it’s important for businesses to not just reflect on the year that was, but also start thinking about their financial goals for the coming year. Considering you will very soon begin the formal tax preparation process, having a good idea of your financial standing and goals
When you’ve signed an agreement with another party, one issue you may find yourself dealing with is an “anticipatory” breach of contract, which often means taking action before an actual breach has occurred.
For a little context, a contract could be considered breached or broken if either party unconditionally refuses to perform under the contract
If your business is involved in a contract dispute with another party you believe did not live up to its contractual obligations, the first step to resolving the dispute is to provide a notice of breach. This notice will explain why you believe a breach exists and provides a list of actions that must be
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
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.
One of the unfortunate realities of operating a business is that you might not always make the money you anticipated. Whether you’ve only recently started your business and have not earned back your initial investment, or you’re dealing with problems related to the larger economy, earning a profit isn’t always possible. In fact, for businesses
For an S corporation — a small corporation that is structured and taxed similarly to a partnership—one of the biggest advantages of this structure is its ability to avoid payment of Social Security and Medicare taxes. However, while this benefit has become very popular among S corporations, it has become decidedly less so for the
Any time you find yourself in a circumstance in which you’re waiting for an insurance company to issue you a settlement offer, don’t be surprised if the first offer you get seems rather low. The claims adjuster might believe you to be partially at fault for the situation, or if you were injured, the adjuster
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