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 businesses in this jurisdiction with gross receipts exceeding $120,000 annually. Structured by the Bureau of Internal Revenue, this document mandates monthly reporting, capturing gross receipts, applicable exemptions, taxable receipts, and the 4.5% tax due. Exemption categories include standard, fishermen, EDC, and others. The form requires declaring the employer identification number (EIN), business structure (sole proprietorship, partnership, or corporation), and accounting method (cash or accrual). Instructions also address principal activity codes and tax increment financing (TIF) strategies for specific industry sectors.

Returns are due by the last day of the month following the reporting period. Late submission results in penalties and interest charges. Businesses also subject to federal excise taxes may need the IRS Form 720. Additional USVI filings, such as the USVI Form 1088, may apply depending on your business activities and gross receipts thresholds.

QuestionAnswer
Form Name720 Vi Tif Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesvibr 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indicate Firm Type:

 

 

Accounting Method:

20

 

 

 

 

Social Security Number (SSN)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sole Proprietor

 

 

 

 

CASH

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership

 

 

 

 

 

ACCRUAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXEMPTION CODE

 

 

 

 

 

 

 

 

 

 

Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(SEE REVERSE )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.)

GROSS RECEIPTS

 

 

 

 

 

 

 

1.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.)

(minus) EXEMPTION (ex. Standard $5,000 or $9,000, Fishermen, EDC, lottery

 

2.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

commissions, affordable housing, reverse osmosis, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

 

 

3.)

TAXABLE RECEIPTS (line 1 minus line 2)

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.)

INTEREST (if payment is late, multiply line 6 by .01 or 1% per month)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.)

(minus) CREDITS (over payments)

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.)

TOTAL AMOUNT DUE (add line 6, 7, 8

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

minus line 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

How to Edit 720 Vi Tif Form Online for Free

The Form 720 V.I. TIF can be completed easily using the FormsPal PDF editor. We regularly update our editor with user-oriented improvements. To get started, follow these simple steps:

Step 1: Click the "Get Form" button at the top of this page to open the editor.

Step 2: With the form open, you can fill in blank fields, add text, edit existing content, attach images, and sign the document. Complete all required fields:

1. Begin by filling out the primary fields of your Form 720 V.I. TIF, including gross receipts, exemptions, and taxable receipts. Collect all required information before you start.

Form 720 V.I. TIF filling instructions (stage 1)

2. Next, complete the following fields: ADJUSTED TAX DUE (line minus line), PENALTY if payment is late, INTEREST if payment is late, minus CREDITS (over payments), TOTAL AMOUNT DUE (add the applicable lines), Name, DBA, Mailing Address, Principal Business Activity Code (see reverse), Telephone Number, and PLEASE REMIT BY DUE DATE TO.

How to complete Form 720 V.I. TIF part 2

3. Complete the City, State, Zip Code section, the BUREAU OF INTERNAL REVENUE address (ST THOMAS USVI or ST CROIX USVI), the perjury declaration, Print Name and Title (PRESIDENT, OWNER, ETC.), and Signature with Date.

Address and signatory fields in Form 720 V.I. TIF

Pay close attention to the ST THOMAS USVI and ST CROIX USVI address fields and the signatory section, as these are common sources of errors.

Step 3: Verify all information and click "Done" to finish. Create a free trial at FormsPal to download, email, or save your completed Form 720 V.I. TIF. Your data is protected with secure encryption. For businesses also subject to federal excise taxes, see the IRS Form 720 Excise Tax on our site.

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