720 Vi Tif Form – Fill Out and Use This PDF

The Form 720 V.I. TIF serves as a monthly Gross Receipts Tax Return for businesses operating within the U.S. Virgin Islands, aimed at those with annual gross receipts exceeding $225,000. This crucial document outlines the process for reporting gross receipts, calculating taxable income after exemptions, and determining the tax due, along with penalties for late submissions. To ensure compliance and avoid penalties, businesses are encouraged to understand the form's requirements and submit accurately and timely.

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720 Vi Tif Form PDF Details

The Form 720 V.I. TIF, revised in October 2011 by the Government of the U.S. Virgin Islands, serves a critical role for businesses operating within this jurisdiction, particularly those with gross receipts exceeding $120,000 annually. Structured by the Bureau of Internal Revenue, this document mandates detailed reporting on a monthly basis for such enterprises, encompassing a broad spectrum of financial information. At its core, the form captures gross receipts, applicable exemptions, taxable receipts, and the subsequent tax due calculated at a rate of 4.5%. It also allows for adjustments based on front gross receipts tax withheld and incorporates provisions for penalties and interest on late payments. Specific exemption categories, including standard, fishermen, EDC, and several others, offer a nuanced approach to tax obligations. Moreover, the form outlines the necessity of declaring the employer identification number (EIN), the business’s structure (e.g., sole proprietorship, partnership, corporation), and the accounting method (cash or accrual). This comprehensive approach ensures accurate tax collection and adherence to local regulations, emphasizing timely submission to avoid financial penalties. Instructions appended to the form further elucidate procedural details, offering guidance on tax increment financing (TIF) strategies, delineating business activities through principal activity codes, and explaining the implications of trade codes for specific industries such as electronics and building materials stores.

Question	Answer
Form Name	720 Vi Tif Form
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	vibr 720b form, viirb 721vi forms, 720 vi form, viirb 720

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FORM 720 V.I. TIF

(REV. 10/2011)

Government of the U. S. Virgin Islands		Gross Receipts Monthly Tax Return
BUREAU OF INTERNAL REVENUE		(Use for filing receipts of more than $120,000 per year.)

	Employer Identification Number (EIN)	Please Print or	TAX MONTH
		Type Clearly
		Type Clearly

					Indicate Firm Type:			Accounting Method:		20
	Social Security Number (SSN)									20
	Social Security Number (SSN)
						Sole Proprietor			CASH
						Sole Proprietor			CASH
						Partnership			ACCRUAL


	EXEMPTION CODE					Corporation
	EXEMPTION CODE


			(SEE REVERSE )


1.)		GROSS RECEIPTS					1.

2.)		(minus) EXEMPTION (ex. Standard $5,000 or $9,000, Fishermen, EDC, lottery					2.
2.)							2.
commissions, affordable housing, reverse osmosis, etc.
							3.
3.)		TAXABLE RECEIPTS (line 1 minus line 2)					3.
4.)		TAX DUE (multiply line 3 by the tax rate of 0.045 or 4.5%)					4.


5.)		UP FRONT GROSS RECEIPTS TAX WITHHELD					5.


6.)		ADJUSTED TAX DUE (line 4 minus line 5)					6.


7.)		PENALTY (if payment is late, multiply line 6 by .05 or 5% per month, but not to					7.


		exceed 25%)					8.
		exceed 25%)

8.)		INTEREST (if payment is late, multiply line 6 by .01 or 1% per month)
8.)
9.)		(minus) CREDITS (over payments)					9.



10.)		TOTAL AMOUNT DUE (add line 6, 7, 8					10.
10.)		TOTAL AMOUNT DUE (add line 6, 7, 8		minus line 9)			10.

Name

D/B/A

Mailing Address


City	State	Zip Code

11.) Indicate Principal Business

Activity Code:

(SEE REVERSE )

12.) Telephone Number

- -

PLEASE REMIT BY DUE DATE TO:

BUREAU OF INTERNAL REVENUE

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: ___________________________

I N STRUCTI ON S FOR TAX PAYERS- FORM 7 2 0 V . I . TAX I N CREM EN T FI N AN CI N G ( TI F)

Th e V ir g in I sla n d s im p ose s a Gr oss Re ce ip t s Ta x on t ot a l r e ce ip t s fr om t h e con d u ct of b u sin e ss w it h in t h e V . I . , w it h ou t r e d u ct ion of a n y e x p e n se s w h a t soe v e r . Th e Gr oss Re ce ip t s t a x r a t e is 4 . 5 % .

I f t h e Gr oss Re ce ip t s Ta x w a s w it h h e ld b y t h e V . I . Gov e r n m e n t , p le a se r e m e m b e r t o in clu d e t h e a m ou n t w it h h e ld .

Bu sin e sse s w it h y e a r ly Gr oss Re ce ip t s of le ss t h a n $ 2 2 5 ,0 0 0 p a y a t a x of 4 . 5 % on r e ce ip t s in e x ce ss of $ 9 ,0 0 0 e a ch m on t h .

Bu sin e sse s w it h Gr oss Re ce ip t s of m or e t h a n $ 2 2 5 ,0 0 0 a n n u a lly m u st file m on t h ly r e t u r n s on for m 7 2 0 V . I .

Bu sin e sse s w it h Gr oss Re ce ip t s of $ 2 2 5 ,0 0 0 or le ss sh ou ld file a n a n n u a l r e t u r n u sin g For m 7 2 0 B

For a Gr oss Re ce ip t s m on t h ly r e t u r n t o b e con sid e r e d t im e ly , it sh ou ld b e p ost m a r k e d or su b m it t e d t o t h e V I BI R w it h in 3 0 ca le n d a r d a y s follow in g t h e la st d a y of t h e ca le n d a r m on t h con ce r n e d

I f a sole p r op r ie t or ow n s or op e r a t e s m or e t h a n on e b u sin e ss or com p a n y , h e m u st file a con solid a t e d Gr oss Re ce ip t s Ta x Re t u r n .

If y ou a r e n ot lia b le for t a x e s for t h e in d ica t e d p e r iod , p le a se e n t e r " 0 " or " N ON E" in t h e sp a ce p r ov id e d for t h e " TOTAL AM OUN T D UE" a n d file t h e r e t u r n b y t h e d u e d a t e .

Pe n a lt y for la t e p a y m e n t is in cu r r e d a t a r a t e of 5 % p e r m on t h n ot t o e x ce e d a m a x im u m of 5 m on t h s or 2 5 % .

I n t e r e st for la t e p a y m e n t is in cu r r e d a t a r a t e of 1 % p e r m on t h .

I N STRUCTI ON S FOR TAX PAYERS- FORM 7 2 0 V . I . Ta x I n cr e m e n t Fin a n cin g ( TI F)

( se le ct on ly on e a n d e n t e r on f r on t of f or m )

Tr a d e Cod e s

4 4 3 0 0 0 Ele ct r on ics & Ap p lia n ce St or e

4 4 4 0 0 0 Bu ild in g M a t e r ia ls, H a r d w a r e , Ga r d e n Su p p lie s

		EX EM PTI ON COD ES
01	STANDARD	05 FRANCHI SE BUS OPERATOR
02	EDC	06 REVERSE OSMOSI S ( 50% )
03	LOTTERY	07	EXEMPT I NSURERS
04	AFFORDABLE	08	CERTAI N FEDERALLY FUNDED
	HOUSI NG		PROJECTS
		09 ENTERPRI SE ZONE

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720b vi writing process described (stage 1)

2. Your next step is usually to submit the following blanks: ADJUSTED TAX DUE line minus line , PENALTY if payment is late, INTEREST if payment is late, minus CREDITS over payments, TOTAL AMOUNT DUE add line , Name, DBA, Mailing Address, Indicate Principal Business, Activity Code, SEE REVERSE , Telephone Number, and PLEASE REMIT BY DUE DATE TO.

3. Completing City State Zip Code, BUREAU OF INTERNAL REVENUE, ST THOMAS USVI ST CROIX USVI , I DECLARE UNDER PENALTY OF PERJURY, KNOWLEDGE AND BELIEF IT IS TRUE, Print Name Title , PRESIDENT OWNER ETC, and Signature Date is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

ST THOMAS USVI ST CROIX USVI , PRESIDENT OWNER ETC, and Print Name Title in 720b vi

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720 Vi Tif Form – Fill Out and Use This PDF

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