We prepare and file your monthly Form 720 V.I.

A Virgin Islands tax with no mainland equivalent

Gross receipts tax, or GRT, is charged at 5% of what a business takes in, and the return is filed with the Virgin Islands Bureau of Internal Revenue on Form 720 V.I.

It is not a sales tax and it is not an income tax. Nothing is deducted for the cost of goods sold or for operating expenses. A business that had a bad month still files, and so does a business that owes nothing. That is where people get caught: the return is due whether or not there is tax on it.

We file it for businesses on St. Thomas, St. Croix and St. John. Each month we take your sales figures, compute the tax, put the return in front of you, and file it once you approve.

If you are behind, say so on the first call. We would rather see the real position than a tidy one, and catching up is ordinary work here.

The Form 720 V.I. return

Smaller businesses

Under $225,000 a year, the first $9,000 of each month is exempt, and the business may file once a year on Form 720-B instead.

Amendments

Form 720C corrects a period already filed, so a figure is fixed in the month it belongs to.

Incentive holders

An EDC beneficiary still files every month, with the return marked exempt. See EDC and RTPark compliance.

If it is late

A penalty of 5% a month, capped at 25%, and interest at 1% a month, both on the tax due.

What the filing month looks like

Setup happens once. After that the cycle is short, and the same every month.

1. 1

   Send

   The month’s sales summary, in whatever form you keep it.

2. 2

   Compute

   We work out the receipts, apply any exemption the business qualifies for and calculate the tax.

3. 3

   Check

   A figure unlike your other months gets a question before it goes on a return.

4. 4

   Approve

   You see the finished return before it is filed.

5. 5

   File

   It goes to the Bureau, and the confirmation comes back to you.

Once a few months have run cleanly, most clients give us standing approval to file without the monthly review. That is your call, and you can withdraw it at any time.

How an engagement starts, from the intro call through to signing: our engagement process.

What we need from you

Setup takes one round of documents. After that it is the monthly sales summary and nothing else.

• A summary of what the business took in for the month, from your books, a spreadsheet or your register
• Legal name, any trade name you file under, mailing address, employer identification number, and how the entity is organized
• A copy of the last Form 720 filed, so we follow your filed pattern instead of starting fresh
• Any EDC, RTPark or other benefit documentation, so the return claims the exemption correctly
• Documentation of any gross receipts tax the Virgin Islands Government withheld from a payment to you, so it is credited on the return
• Written authority for the firm to file on your behalf

If the books aren’t current enough to pull a monthly figure from, we can keep your bookkeeping and take the summary from there.

Upload documents through your client portal, or drop them at the office. Please don’t email Social Security numbers or bank account numbers; if a filing needs one, you can enter it securely in the portal.