20 FORM 720 VI - Virgin Islands Internal Revenue 2026

1. Click ‘Get Form’ to open it in the editor.
2. Begin by entering your Employer Identification Number (EIN) and Social Security Number (SSN) clearly in the designated fields.
3. Indicate your firm type by selecting from Sole Proprietor, Partnership, or Corporation. Choose your accounting method as either Cash or Accrual.
4. In Line 1, input your total Gross Receipts for the current month. Ensure accuracy as this is crucial for tax calculations.
5. For Line 2, subtract any exemptions you qualify for from your Gross Receipts. Provide a brief explanation for the exemption on Line 3.
6. Calculate Taxable Receipts in Line 4 by subtracting Line 2 from Line 1. Then, compute the Tax Due in Line 5 by multiplying Line 4 by the tax rate of 0.04.
7. If applicable, calculate any penalties and interest for late payments in Lines 6 and 7 respectively.
8. Complete Lines 8 and 9 to account for any credits and determine your Total Amount Due.
9. Fill out your Principal Business Activity Code and provide your mailing address along with contact information.
10. Finally, declare under penalty of perjury that the return is true and complete by signing and dating the form before submission.

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