This past month the U.S. Departments of Health and Human Services (HHS), Labor, and Treasury issued final rules on employment-based wellness programs. These final rules bolster the promotion of workplace health to decrease chronic illness, improve health, and limit increase the expenses of health care.  The rules will also ensure that individuals are guarded against unfair insurance underwriting tactics that could possibly reduce an employee’s benefits based on their health status.

Continue Reading White House Continues Roll-out of Obamacare with Final Rules on Employment-based Wellness Programs

The U.S. Senate Judiciary Committee this past month approved on a 13-to-5 vote broad legislation that would completely redefine the country’s policies on immigration.  This appears to be the most significant immigration policy revision in decades to be sent to the full Senate  Debate is anticipated to start in this month.

Continue Reading U.S. Senate Judiciary OK’s Immigration Overhaul

Virgin Islands Attorney General Vincent Frazer issued an opinion to Lieutenant Govenor Greg Francis on May 17, 2003 relative to the status of tax exemptions on real property transfers in the Territory.  The specific question posed by Lt. Governor Francis was whetther a conveyance of real property to or from a trust for the benefit of a grantor or beneficiary of a trust (reltated to the grantor withing the degrees of consanguinity statutorily set forth in Title 33, Section 128, subsection (a), item 8, Virgin Islands Code, is exempt from the payment of the Virgin Islands documentary stamp taxes.

Continue Reading VI Attorney General Rules Against Family Trusts

The immigration laws of the United States require companies to employ only people who are able to work in the United States legally.  This can be as U.S. citizens or foreign citizens who have the appropriate and necessary authorization. The United States Citizenship and Immigration Services (USCIS) is the government agency that is tasked with overseeing lawful immigration to the United States.  USCIS manages the process that permits individuals from other countries to work in the United States. Some of these opportunities can be short-term, while others provide a path to a green card (permanent residency).

Continue Reading Good Housekeeping for Business: E-Verify and I-9 Compliance

When starting your own business, insurance is an important consideration.   Protecting your business investment with insurance minimizes the risks that can arise from unforeseen events, liabilities, and losses.  Finding the right insurance for your business can be a difficult task.  There are many variables that decide the right insurance for a small business.  These include the business structure, business activities, location, whether or not you hire employees—just to name a few.

Continue Reading What Type of Insurance Do You Need for Your Small Business?

Money troubles can be embarrassing.  Some people take it as a sign of weakness, and many people don’t like to admit that they need help.  This is the main reason that people avoid contacting their mortgage lenders when they have cash flow problems that affect their ability to remain current on their mortgage payments.  This reasoning, however, can have devastating legal consequences.  As counterintuitive as it may sound, the onset of a financial hardship is precisely the time that you need to reach out and talk to your lender.

Continue Reading Avoiding Foreclosure: First Talk to Your Lender

There are many reasons and motivations for selling a business.  On this list somewhere towards the top is the idea of cashing out and making money.  Part of this is concern over how much money you will actually keep and how much you will need to give to the government in taxes.

Continue Reading Tax Ramifications of Selling a Business

Last Friday, U.S. Virgin Islands Governor John P. deJongh signed into law Act No. 7485 amending Title 8, Virgin Islands Code by adding Chapter 8.  This new law shields individuals who serve and sell alcoholic beverages to persons of drinking age from liability.  Thel legislation, however, does not extend the liability exemption to those selling or furnishing alcoholic beverages to monorss or those addicted to alcohol.  Laws such as Act No. 7485 are known as "dram shop laws" which are state or territorial laws pertaining to selling and serving alcoholic beverages and the public liability these activities may entail.

Continue Reading Dram Shop Act Signed Into Law by VI Governor

Did you know that the health reform legislation signed by President Obama includes a Small Business Health Care Tax Credit?  This credit is designed to assist small businesses with the cost of covering their employees.

If you are a small employer here on the U.S. Virgin Islands with less than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year, and pay at least half of employee health insurance premiums, then this tax credit may help your company.

Continue Reading Does Your Business Qualify for a Small Business Health Care Tax Credit?

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