VI BIR 720 2011 free printable template

Indicate Principal Business Activity Code D/B/A 12. Telephone Number - Mailing Address PLEASE REMIT BY DUE DATE TO City State Zip Code ST. THOMAS U.S.V. I. 00802 ST. CROIX U.S.V. I. 00820 I DECLARE UNDER PENALTY OF PERJURY THAT THIS RETURN HAS BEEN EXAMINED BY ME AND TO THE BEST OF MY KNOWLEDGE AND BELIEF IT IS TRUE CORRECT AND COMPLETE PURSUANT TO TITLE 33 VIC SECTIONS 42 43. Print Name Title PRESIDENT OWNER ETC. Signature Date INSTRUCTIONS FOR TAXPAYERS-FORM 720 V. I. The Virgin Islands...

How to fill out VI BIR 720

How to fill out VI BIR 720

1. Gather all required personal and financial information such as your taxpayer identification number, income sources, and deductions.
2. Download the VI BIR 720 form from the official website of the Virgin Islands Bureau of Internal Revenue.
3. Fill out the identification section with your name, address, and taxpayer identification number.
4. Report your total income, including wages, dividends, and other sources on the appropriate lines.
5. Input any applicable deductions and credits in their designated sections of the form.
6. Double-check all entries for accuracy and completeness.
7. Sign and date the form before submission.
8. Submit the completed VI BIR 720 form via mail or electronically, based on the instructions provided.

Who needs VI BIR 720?

1. Residents of the U.S. Virgin Islands who earn income and are required to file an income tax return.
2. Individuals and businesses that have taxable income within the Virgin Islands.
3. Taxpayers who need to report income for tax purposes as mandated by the Virgin Islands Bureau of Internal Revenue.

Instructions and Help about VI BIR 720

People Also Ask about

Who must file Form 8689?

A U.S. citizen or resident alien (other than a bona fide resident of the U.S. Virgin Islands (USVI)) with income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI uses this form to figure the amount of U.S. tax allocable to the USVI.

How do I file my US Virgin Islands tax return?

The Virgin Islands Bureau of Internal Revenue and the IRS are not the same entity although the same tax rates and laws apply. If you are a US resident with income allocable to the Virgin Islands, file Form 8689 with your regular 1040 tax return.

Do citizens of the US Virgin Islands pay federal income tax?

Generally, instead of filing returns and paying taxes to the IRS, residents of the USVI, and corporations[3] formed in the USVI, file returns and pay income taxes directly the Virgin Islands Bureau of Internal Revenue[13].

Who is not required to file income tax return in USA?

If your income is less than your standard deduction, you generally don't need to file a return (provided you don't have a type of income that requires you to file a return for other reasons, such as self-employment income).

Who files form 8689?

Key Takeaways. U.S. Taxpayers who are not bona fide residents of the U.S. Virgin Islands but earned income there must file Form 8689. Form 8689 determines how much income tax should be allocated to the U.S. Virgin Islands.

Where do I file IRS Form 720?

Addresses for Forms Beginning with the Number 7 Form Name (For a copy of a Form, Instruction, or Publication)Address to Mail Form to IRS:Form 720 Quarterly Federal Excise Tax ReturnDepartment of the Treasury Internal Revenue Service Ogden, UT 84201-000917 more rows • Nov 29, 2022

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What is VI BIR 720?

VI BIR 720 is a tax form used in the United States Virgin Islands to report and remit gross receipts tax.

Who is required to file VI BIR 720?

Businesses and individuals who have gross receipts exceeding a certain threshold in the US Virgin Islands are required to file VI BIR 720.

How to fill out VI BIR 720?

To fill out VI BIR 720, individuals or businesses must provide their gross receipts for the reporting period, calculate the tax owed, and submit the completed form along with payment to the Bureau of Internal Revenue.

What is the purpose of VI BIR 720?

The purpose of VI BIR 720 is to collect gross receipts tax from businesses and individuals operating in the US Virgin Islands to fund government services and operations.

What information must be reported on VI BIR 720?

The information that must be reported on VI BIR 720 includes the total gross receipts for the reporting period, exemptions, deductions, and the calculated tax liability.