Form 720 Vi PDF Details

The landscape of business operations in the U.S. Virgin Islands is distinctly shaped by specific tax obligations, one being the Form 720 V.I., a crucial document for entities with gross receipts surpassing $225,000 annually. Administered by the Bureau of Internal Revenue, this form facilitates the monthly reporting of gross receipts, paving the way for accurate tax calculation and compliance. Its structured format covers a broad spectrum from identifying taxpayer information like Employer Identification Number (EIN) and Social Security Number (SSN) to detailing financial figures such as gross receipts, applicable exemptions, and the resulting taxable receipts. Moreover, it underscores the diverse firm types and accounting methods, offering clear paths for sole proprietors, partnerships, and corporations to report their earnings, whether on a cash or accrual basis. This document is not just a tax form; it's a reflection of the government's efforts to streamline tax administration while accommodating the dynamic nature of business activities within its jurisdiction. It emphasizes the government's stance on compliance, enforcing penalties and interests for late payments, thus underlining the importance of timeliness in financial obligations towards the community's growth and development.

QuestionAnswer
Form NameForm 720 Vi
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names720 vi, v i 720, gross receipts tax virgin islands, brazzers form 720

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(line 1 minus line 2)

FORM 720 V.I.

(REV. 03/2012)

Government of the U. S. Virgin Islands

BUREAU OF INTERNAL REVENUE

Employer Identification Number (EIN)

Social Security Number (SSN)

EXEMPTION CODE

(SEE REVERSE )

Gross Receipts Monthly Tax Return

(Use for filing receipts of more than $225,000 per year.)

Please Print or

 

TAX MONTH

Type Clearly

 

 

 

 

 

 

 

 

 

 

Indicate Firm Type:

Accounting Method: 20

 

Sole Proprietor

 

 

CASH

 

Partnership

 

 

ACCRUAL

 

Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.) GROSS RECEIPTS

2.) (minus) EXEMPTION (ex. Standard $5,000 or $9,000, Fishermen, EDC, lottery commissions, affordable housing, reverse osmosis, etc.

3.) TAXABLE RECEIPTS

4.) TAX DUE (multiply line 3 by the tax rate of 0.05 or 5%)

5.) UP FRONT GROSS RECEIPTS TAX WITHHELD

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

7.) PENALTY (if payment is late, multiply line 6 by .05 or 5% per month, but not to exceed 25%)

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

9.) (minus) CREDITS (over payments)

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

Name

D/B/A

Mailing Address

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.) Indicate Principal Business

Activity Code:

(SEE REVERSE )

12.) Telephone Number

- -

PLEASE REMIT BY DUE DATE TO:

City

 

State

 

Zip Code

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: ___________________________

FORM 720VI (3/2012)

I N STRUCTI ON S FOR TAX PAYERS- FORM 7 2 0 V . I .

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 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 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 .

I f 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 .

 

 

( se le ct o n ly o n e a n d e n t e r o n f r o n t o f f o r m )

 

Agr icu lt u r e , For e st r y , a n d Fish in g Code s

Tr a n spor t a t ion , Com m u n ica t ion , Ele ct r ic,

Fin a n ce , I n su r a n ce , a n d Re a l Est a t e Code s

 

Ga s, a n d Sa n it a r y Se r v ice s Code s

 

1 1 1 0 0 0

Cr ops ( in clu din g v e ge t a ble s

 

& fr u it s)

1 1 2 0 0 0

An im a l

1 1 1 9 9 8

Ot h e r Agr icu lt u r a l Se r v ice s

1 1 2 9 0 0

An im a l Pr odu ct ion

1 1 4 0 0 0

Fish in g, H u n t in g a n d Tr a ppin g

5 4 1 9 4 0

V e t e r in a r y Se r v ice s

5 6 1 7 3 0

La n dsca pin g & H or t icu lt u r a l

 

Se r v ice s

Con st r u ct ion Code s

2 3 6 1 0 0

Re side n t ia l Bu ildin g Con st r u ct ion

2 3 6 2 0 0

N on r e side n t ia l Bu ildin g Con st r u ct ion

2 3 7 0 0 0

H e a v y a n d Civ il En gin e e r in g Con st r u ct ion

Sp e cia l t r a d e con t r a ct or s:

2 3 8 1 1 0

Con cr e t e w or k

2 3 8 1 4 0

M a son r y

2 3 8 1 6 0

Roofin g Con t r a ct or s

2 3 8 1 7 0

Sidin g Con t r a ct or s

2 3 8 2 1 0

Ele ct r ica l & Ot h e r W ir in g Con t r a ct or s

2 3 8 2 2 0

Pa in t in g, Pa pe r h a n gin g, a n d

 

D e cor a t in g

2 3 8 3 2 0

Pa in t in g & W a ll Cov e r in g Con t r a ct or s

2 3 8 3 1 0

D r y w a ll & I n su la t ion Con st r u ct ion

2 3 8 3 3 0

Ca r pe n t e r in g a n d Floor in g

2 3 8 3 3 0

Floor in g Con t r a ct or s

2 3 8 3 4 0

Tile & Te r r a z z o Con st r u ct ion

2 3 8 3 5 0

Fin ish Ca r pe n t r y Con t r a ct or s

2 3 8 9 9 0

All Ot h e r Spe cia lt y Tr a de Con t r a ct or s

4 2 3 7 2 0

Plu m bin g a n d Air Con dit ion in g

M a n u fa ct u r in g Code s

2 2 1 1 0 0

U t ilit ie s

4 8 1 0 0 0

Air Tr a n spor t a t ion

4 8 3 0 0 0

W a t e r Tr a n spor t a t ion

4 8 3 1 1 1

D e e p Se a Fr e igh t Tr a n spor t a t ion

4 8 4 1 1 0

Tr u ck in g

4 8 5 1 1 1

Pa sse n ge r Tr a n sit

4 8 5 3 1 0

Ta x i Se r v ice s

4 8 8 9 9 9

Ot h e r Tr a n spor t a t ion Se r v ice s

4 8 8 9 9 9

Pa sse n ge r Tr a n spor t a t ion

 

Ar r a n ge m e n t s

4 9 3 1 0 0

W a r e h ou sin g & St or a ge

5 1 1 1 0 0

N e w spa pe r , Pe r iodica l, Book , &

 

D ir e ct or y Pu blish e r s

5 1 7 9 1 9

Com m u n ica t ion

5 6 2 0 0 0

W a st e M a n a ge m e n t Se r v ice s

Tr a de Code s

4 2 5 1 0 0 W h ole sa le Tr a de Age n t s & Br ok e r s

Re t a il t r a d e :

4 4 1 1 0 0 0 Au t om ot iv e D e a le r s

4 4 2 0 0 0

Fu r n it u r e St or e s

4 4 3 0 0 0

Ele ct r on ics & Applia n ce St or e s

4 4 4 0 0 0

Bu ildin g M a t e r ia ls, H a r dw a r e ,

 

Ga r de n Su pplie s

4 4 5 0 0 0

Food & Be v e r a ge St or e s

4 4 5 1 0 0

Gr oce r y St or e s

4 4 7 0 0 0

Ga solin e Se r v ice St a t ion

4 4 8 0 0 0

Appa r e l & Acce ssor y St or e s

4 5 2 0 0 0

Ge n e r a l M e r ch a n dise

4 5 3 0 0 0

M isce lla n e ou s Re t a il st or e s

5 2 2 1 1 0

Com m e r cia l Ba n k in g

5 2 2 1 3 0

Cr e dit U n ion s

5 2 2 3 1 0

M or t ga ge & N on - m or t ga ge Loa n Br ok e r s

5 2 3 1 1 0

I n v e st m e n t Ba n k in g & Se cu r it ie s D e a lin g

5 2 3 1 2 0

Se cu r it y a n d Com m odit y

 

Br ok e r s, D e a le r s Ex ch a n ge

 

a n d Se r v ice s

5 2 3 9 0 0

Other Financial I nvestment Activities

5 2 4 2 0 0

Age n cie s, Br ok e r a ge s, & Ot h e r I n su r a n ce

 

Related Activities

5 2 4 2 1 0

I n su r a n ce Age n t s, Br ok e r s &

 

Se r v ice s

5 3 1 1 1 0

Le ssor s of Re side n t ia l Bu ildin gs

5 3 1 1 2 0

Le ssor s of N on - Re side n t ia l Bu ildin gs

5 3 1 2 1 0

Re a l Est a t e Age n t s, Br ok e r s &

 

M a n a ge r s

5 3 1 3 9 0

Ot h e r Act iv it ie s Re la t e d t o Re a l Est a t e

Se r v ice Code s

5 1 2 1 3 1

M ot ion Pict u r e Th e a t e r s

5 3 2 1 1 1

Pa sse n ge r Ca r Re n t a l

5 3 2 2 3 0

V ide o Ta pe & D isc Re n t a l

5 4 1 1 0 0

Le ga l se r v ice s

5 4 1 2 0 0

Accou n t in g, Ta x Pr e p, Book k e e pin g &

 

Payroll Services

5 4 1 2 1 1

Ce r t ifie d Pu blic Accou n t a n t s

5 4 1 6 1 0

M a n a ge m e n t Con su lt in g Se r v ice s

5 6 1 4 1 0

Pe r son a l Se r v ice s

5 6 1 5 0 0

Tr a v e l Ar r a n ge m e n t & Re se r v a t ion Se r v ice s

6 1 1 0 0 0

Edu ca t ion a l Se r v ice s

6 1 1 6 9 0

All Sch ools a n d I n st r u ct ion s

6 2 1 0 0 0

Am bu la t or y H e a lt h Ca r e Se r v ice s

6 2 1 1 1 2

M e dica l & H e a lt h Se r v ice s

6 2 4 4 1 0

Ch ild D a y Ca r e

3 1 1 0 0 0

Food

3 1 5 0 0 0

Appa r e l

3 1 6 0 0 0

Le a t h e r & Le a t h e r Pr odu ct s

3 2 3 1 0 0

Pr in t in g & Re la t e d Su ppor t Act iv it ie s

3 2 3 1 1 9

Pr in t in g & Pu blish in g

3 2 5 0 0 0

Ch e m ica ls M a n u fa ct u r in g

3 3 7 0 0 0

Fu r n it u r e & Fix t u r e s

3 3 9 9 9 9

Ot h e r

 

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

7 1 3 2 0 0

Ga m blin g I n du st r ie s

7 1 3 9 9 0

Am u se m e n t a n d Re cr e a t ion a l

 

Se r v ice s

7 2 1 1 1 0

H ot e l & Ot h e r Lodgin g Pla ce s

7 2 2 0 0 0

Food Se r v ice s & D r in k in g Pla ce s

8 1 1 0 0 0

Re pa ir & M a in t e n a n ce

8 1 1 1 0 0

Au t om ot iv e Re pa ir & M a in t e n a n ce

8 1 1 2 1 9

Ele ct r on ic Re pa ir & M a in t e n a n ce

8 1 2 0 0 0

Pe r son a l & La u n dr y Se r v ice s

8 1 3 9 0 0

Bu sin e ss, Pr ofe ssion a l, La bor , Polit ica l, a n d

 

a n d Sim ila r Se r v ice s

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