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BIR OFFERS TAX TIPS FOR FILING THE 2024 TAX RETURN


By VIBIR on

BIR OFFERS TAX TIPS FOR FILING THE 2024 TAX RETURN

Joel Lee, CPA, Director of the Virgin Islands Bureau of Internal Revenue reminds the taxpaying public that the due date for the 2024 income tax return is April 15, 2025. For the convenience of the public, the offices on St. Thomas and St. Croix will be open on Saturday, April 12 from 9:00a.m. to 1:00p.m; and will also have extended hours on Tuesday, April 15, 2025, from 7:00a.m. – 9:00p.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 social security numbers are provided for the taxpayer, spouse, and all dependents. An incorrect or missing social security number will delay the Press Release Tax Tips 2023 Tax Return April 10, 2025 Page 2 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. Net investment income tax is paid to the Virgin Islands. Bonafide residents of the Virgin Islands are required to file and pay the Net Investment Income Tax to the Virgin Islands Bureau of Internal Revenue. Failure to include this tax when filing Form 1040 will result in the imposition of penalties and interest.

  5. When filing Form 8689, please include all W-2s and the copy of Form 1040. The Form 8689, Allocation of Individual Income Tax to the U.S. Virgin Islands, is a part of the tax return and the entire tax return must be filed with the Bureau to properly process and determine correct amount of taxes due to the Virgin Islands.

  6. 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.

If there any questions concerning the tax tips mentioned, please contact the Office of Chief Counsel at (340) 715-1040.