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FORM 720 VI - Virgin Islands Bureau of Internal Revenue

FORM 720 VI - Virgin Islands Bureau of Internal Revenue 2025

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The document is a tax form (Form 720 V.I.) used for filing the Gross Receipts Monthly Tax Return in the U.S. Virgin Islands for businesses with annual receipts exceeding $225,000. It outlines the necessary information required for tax calculation, including gross receipts, exemptions, taxable receipts, and penalties for late payment. The form also provides instructions for taxpayers regarding filing deadlines and requirements based on business type.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your Employer Identification Number (EIN) and Social Security Number (SSN) in the designated fields. Ensure accuracy as these are crucial for tax processing.
Select your firm type from the options provided: Sole Proprietor, Partnership, or Corporation. This helps categorize your business for tax purposes.
Indicate your accounting method as either Cash or Accrual. This choice affects how you report income and expenses.
Fill in the Gross Receipts amount on line 1. Subtract any exemptions on line 2 to calculate Taxable Receipts on line 3.
Calculate the Tax Due by multiplying line 3 by the tax rate of 4.5% and enter this amount on line 4.
If applicable, enter any Up Front Gross Receipts Tax Withheld on line 5, then compute Adjusted Tax Due on line 6 by subtracting line 5 from line 4.
Complete lines for Penalty and Interest if payments are late, following the instructions provided for calculations.
Finally, fill out your name, title, and signature at the bottom of the form before submitting it to ensure compliance with filing requirements.

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What is the gross receipts tax exemption for the USVI?

Businesses with gross receipts under $225,000 are eligible for the $9000 per month exemption and pay a tax of 5% on all receipts in excess of $9,000.00 per month.

Do USVI residents pay federal taxes?

USVI Income Taxes: Residents of the USVI, instead of filing returns and paying taxes to the IRS, file returns and pay income taxes directly to the USVI Bureau of Internal Revenue. The taxes are at the same rates and use the same forms and rules as for federal income taxes.

How to file an excise tax return?

Filing excise tax returns To report your excise tax liability, you must: Complete Form 720, Quarterly Federal Excise Tax Return. File Form 720 electronically for immediate acknowledgement of receipt and faster service with an IRS-approved software provider.

What is the 720 V form?

IRS Form 720, the Quarterly Federal Excise Tax Return, is a tax form for businesses that sell goods or services subject to excise tax to report and pay those taxes. IRS Form 720 consists of three parts, as well as Schedule A, Schedule T and Schedule C sections and a payment voucher (called Form 720-V).

Where do you mail form 720 to the IRS?

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 Return Department of the Treasury Internal Revenue Service Ogden, UT 84201-000919 more rows Jun 25, 2025

Where do I file form 720 v?

You can electronically file Form 720 through any electronic return originator (ERO), transmitter, and/or intermediate service provider (ISP) participating in the IRS e-file program for excise taxes.

What is a form 720 tax return?

Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. Excise taxes are taxes paid when purchases are made on a specific good. Most excise tax in some ways resembles a state sales tax. They are paid on purchases of specific goods.

FORM 720 VI - Virgin Islands Bureau of Internal Revenue 2025

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