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BIR Offers Tax Tips For Filing 2020 Tax Return


By VIBIR on

BIR Offers Tax Tips For Filing 2020 Tax Return

Joel Lee, CPA, Director of the Virgin Islands Bureau of Internal Revenue reminds the taxpaying public that the tax filing due date has been extended to May 17, 2021. In an effort to provide additional time for filing and paying taxes before the deadline, the tax offices will be open on Saturday, May 15, 2021 for the filing of tax returns and the payment of taxes. The Bureau's Sunny Isle office in St. Croix, the Red Hook office on St. Thomas and the St. John office will all be open on Saturday from 9:00 a.m to 5:00 p.m.

In order to ensure that returns are processed without unnecessary delays, Director Lee provides the following tax tips:

  1. Include current mailing address. Include your current mailing address on the income tax return. Make sure to include the full address that is required by the US Postal Service in order to ensure that we can make contact with you if necessary. Verify your mailing address prior to signing your return. If you need to make a change to the address that the Bureau has on file, please use Form 8822, Change of Address, to provide the current address to the Bureau. If the return is joint, both taxpayers must sign the Change of Address form.
  2. Make sure that all names and social security numbers match the social security cards. An incorrect name or missing social security number will delay the processing time of the refund and may increase the tax due or reduce the refund. If you have a change in your name due to marriage or divorce, please contact the Social Security Office to update your records.
  3. Make sure all schedules and related forms are securely stapled to the return. Please attach the applicable schedules to the return, and include any other forms that are required.
  4. Sign all tax returns. A return that is not signed is not a valid return for tax purposes. All income tax returns must have original signatures. Local taxes, such as withholding, gross receipts and other tax returns do not require original signatures . Returns must be signed by the taxpayer and spouse, if applicable, or an appropriate officer of the company.
  5. If you did not get the first or second stimulus, you will get them on the 2020 return. Make sure your 2020 return reflects the correct amount of the stimulus payments that you are entitled to. The stimulus payments due to you should be claimed on line 30, Recovery Rebate Credit.
  6. File a corrected return before May 17, 2021. If you have to make a change to your return you can do so prior to May 17th. Write CORRECTED on the top of the return when filing it. If you have to make a change after May 17th, you will have to file an amended return.

If there any questions concerning the tax tips mentioned, please contact the Office of Chief Counsel at (340) 714-9310.