For business owners and employees alike, one of the most frequently debated aspects of the average workday involves the negotiation and scheduling of employee meal breaks and brief resting periods. Many workers cherish their break time, while others may be indifferent — and it can create complications for employers when attempting to schedule their staff
USVI Government Employees to Contribute More to GERS
Tier II government employees saw a small increase in their contributions to the Government Employees Retirement System (GERS) starting February 5. The 1% increase follows a similar measure for Tier I employees that took effect January 1. These increases are part of a plan to boost funding for the GERS, which was poised to
Governor Gives State of the Territory Address
In his first State of the Territory Address, Governor Kenneth A. Mapp didn’t shy away from speaking to the Legislature and citizens of the U.S. Virgin Islands with candor, especially when it came to the fiscal situation of the Territory. At the start of 2015, the
Tax-Exempt Organizations: Social Welfare Groups
U.S. tax law rewards a variety of groups with tax-exempt status based on two key factors — the designated purpose of the group and the ways in which it makes and spends its money. A social welfare group, as classified under Internal Revenue Code section 501(c)(4), is a group organized solely for the promotion of
Workers’ Compensation Laws for U.S. Virgin Islands
As most business owners know, workers’ compensation is a program that insures both employers and employees in the event a worker suffers an injury or is killed on the job. By compensating injured workers or their families through the Government Insurance Fund of the U.S. Virgin Islands, rather than mandating that compensation be paid directly
Using a Professional Corporation to Protect Owners from Liability
For many years, one of the perils of being a doctor or lawyer was having to shoulder total responsibility in the event of any sort of professional mistake, and knowing that there was broad public support behind such consequences. It used to be that such professionals were barred from forming corporations, which would provide
Tax Incentives Available in U.S. Virgin Islands
For businesses aiming to expand their reach or those interested in enjoying the benefits of operating in an environment that welcomes them, the U.S. Virgin Islands provides such a location. From an official economic development organization that works on their behalf to the numerous tax incentives they can enjoy, business owners have many reasons to
EB-5 Immigrant Investor Program Offers Funding to Entrepreneurs
It’s a fairly well known fact that obtaining U.S. residency can be a process rife with difficulty, including considerable expenses and time delays. For foreign investors interested in becoming permanent American residents, one useful route involves making investments in businesses or specific employment areas, and applying for an EB-5 visa.
The EB-5 visa program provides
The Process of Setting up a Business in the U.S. Virgin Islands
The U.S. Virgin Islands is a great place to be an entrepreneur. The Territory offers a wide range of tax incentives, and various organizations and agencies have programs available that are geared toward helping new businesses establish themselves and obtain the tools needed for growth and long-term success.
However, many things need to happen before
The Basics of Tax-Exempt Businesses: Nonprofit Organizations
When considering the issue of taxation, one of the most common points in need of clarification is the distinction between having nonprofit status and having tax-exempt status. It’s possible for an organization to have both, but a nonprofit organization does not automatically have tax-exempt status, and vice versa.
Before an organization may apply for tax-exempt