The Internet Corporation for Assigned Names and Numbers (ICANN) and the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) announced today that it has reached an agreement  that establishes a long-lasting framework for the technical coordination of the Internet’s domain name and addressing system (DNS). 

ICANN and NTIA executed a new Affirmation of Commitments that completes the transition of the technical management of the DNS to a multi-stakeholder, private-sector-led model. The Affirmation ensures accountability and transparency in ICANN’s decision-making with the goal of protecting the interests of global Internet users.  The Affirmation also establishes mechanisms to address the security, stability, and resiliency of the Internet DNS as well as promote competition, consumer trust, and consumer choice. 

Continue Reading ICANN and U.S. Department of Commerce Sign New “Affirmation of Commitments”

The Internal Revenue Service has released an internal memorandum indicating that it will give close audit scrutiny to offshore hedge funds that engage in lending activities with U.S. residents.  A number of hedge funds have relocated to the U.S. Virgin Islands to take advantage of the Territory’s Economic Development Commission (EDC) Program which exempts such funds from 90% of the federal income tax liability.  Although owner of EDC beneficiary companies can similarly exempt their income from the company from federal income tax if they are Virgin Islands residents, past practice has led to the hedge funds providing loans to owners who are not Virgin Islands residents. 

Hedge funds that engage in direct or indirect lending activities involving U.S. borrowers are impacted by this IRS action and should immediately review their lending practices in light of the IRS’s indication that it will pursue vigorous enforcement in this area.

Continue Reading IRS Scrutizes Offshore Hedge Fund Lending

Retired? Over 70½? It may be time to see your tax advisor about September 2009 changes to the Required Minimum Distribution rules. The Internal Revenue Service in Notice 2009-82 just announced guidance relating to the waiver of 2009 Required Minimum Distribution (“RMD”) rules which also apply to Virgin Islanders.

Continue Reading Changes to Required Minimum Distribution Rules Impact Virgin Islanders

Tom Bolt, Managing Attorney of Tom Bolt & Associates, P.C., a St. Thomas business law firm, was reelected in August by the general membership of the American Bar Association as an At Large Delegate to the ABA’s House of Delegates during the organization’s annual meeting in Chicago, Ilinois.

The House of Delegates is the legislative body of the ABA and determines the internal governance and public advocacy policies of the organization. The ABA, with more than 400,000 members, is the largest voluntary association of professionals in the world. The ABA provides member and public service through law school accreditation, continuing education, public information campaigns, legislative recommendations to Congress and state and territorial legislatures, and initiatives to improve the quality of the legal system and the administration of justice.

Bolt has served as a member of the ABA House of Delegates since 1989 when he was the first delegate from the United States Virgin Islands.  He served with distinction for ten years as the representative of the Virgin Islands Bar Association.  Subsequently, during his term as President of the local bar, he was elected as an At Large Delegate to the ABA House and has served continuously since then.

 

Continue Reading American Bar Association Reelects Virgin Islands Attorney

As part of the Obama Administration’s effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury today announced $20.2  million in American Recovery and Reinvestment Act (ARRA) funding to spur the development of affordable housing units in the U.S. Virgin Islands.    

"Today’s announcement of housing funds demonstrates how the Recovery Act is putting our nation on the path to economic stability, one community at a time," said Treasury Deputy Secretary Neal Wolin.  "This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country."

Continue Reading Obama Administration Announces $20.2 M in Housing Funds for Virgin Islands

On June 29, 2009, the United States Supreme Court decided Cuomo v. Clearing House Association which invalidated, by a vote of 5 to 4, a regulation issued by the Comptroller of the Currency that broadly preempted the states and territories from enforcing their fair lending laws against national banks. Under the broad language of the majority opinion, the Virgin Islands Division of Banking & Insurance and its sister state regulators now implicitly have the authority to enforce other consumer protection laws against national banks.

Continue Reading Territory’s National Banks Subject to Virgin Islands Law

Even in the sweltering Sunday morning heat, a cool breeze blew through the eight open windows of the living room at No. 4 Adele Gade, rustling the trees in the garden and fanning the sweaty brows of the small group of residents gathered outside.

"You should be here in the evening — the wind just sweeps right through," said Celecia Hernandez, the new owner of the house, which was donated to Habitat for Humanity V.I. a few years ago by Cecile deJongh as a tribute to her grandmother Adele Louise Galiber. The house was always filled with joyful memories, with love and music, and the time had finally come to turn the keys over to a new family that could bring the same kind of happiness back to its grounds, deJongh said at the official dedication ceremony Sunday.

"This day couldn’t come soon enough," she added. It was hoped that the house would be given to a single mother, "just like my grandmother was," deJongh said.

 

Continue Reading Habitat Virgin Islands Dedicates First Home

Tom Bolt, Managing Attorney of Tom Bolt & Associates, P.C., and General Counsel for the USVI Hotel & Tourism Association, during the General Meeting of the Association on Wednesday at the Emerald Beach Hotel proposed that the VI Taxicab Commission adopt a “Taxicab Riders Bill of Rights”. Judith Wheatley, Executive Director of the VI Taxicab Commission was the keynote speaker at the Hotel and Tourism Association meeting.

In addressing the members of the Hotel and Tourism Association, Wheatley noted that the Taxicab Commission was under new leadership and committed to the customer service. When the floor opened to questions, Bolt proposed that the local Commission consider adopting a “Taxicab Riders Bill of Rights” that would clearly delineate the rights that Virgin Islands taxicab riders can expect.

Continue Reading TBA Attorney Proposes “Taxicab Riders Bill of Rights”

Governor John P. deJongh, Jr. has signed an Executive Order which sets the dates for payment, delinquency, and appeal of 2006 U.S. Virgin Islands real property taxes. Governor deJongh’s Executive Order states that the Tax Assessor has determined that all 2006 real property tax bills to both residential and commercial property owners have been issued and that new dates for the payment of these bills, when they become delinquent and the deadline for appeal are now required.  The Governor has set July 1, 2009 as the date that all 2006 real property tax bills shall be due and payable and such bills shall be delinquent if not paid before July 31, 2009.  The last day for filing an appeal of the 2006 real property tax assessment is set for August 14, 2009.

For additional information, the U.S. Virgin Islands taxpayers should contact the Office of the Tax Assessor on each respective island: on St. Croix: (340) 773-6449; on St. Thomas: (340) 776-8505 and on St. John: (340) 776-6767.

 

"The Road to Family Economic Success" was the call to action at Governor John P. de Jongh’s Summit on Poverty and Economic Opportunity which was convened at the Carambola Resort on St. Croix on Friday, May 8th.  The Summit was presented in collaboration with the National Governor’s Association and Governor de Jongh’s Children and Families Council.

Tom Bolt, Managing Attorney of Tom Bolt & Associates, P.C., the leading business law firm in the United States Virgin Islands, was a panelist in the Summit’s discussion on housing.  Bolt currently serves as President for Habitat for Humanity of the U.S. Virgin Islands, Chair of the Territory’s Salvation Army Advisory Board, and Counsel to the Virgin Islands Territorial Association of Realtors.

 

Continue Reading VI Leaders Join Governor on Road to Family Economic Success