Get 720b Vi

The 720b Vi is an essential document required for filing gross receipts annual tax returns in the U.S. Virgin Islands. This guide provides clear and step-by-step instructions to assist users in accurately completing the form online, ensuring compliance and ease in the filing process.

Follow the steps to successfully complete the form online.

1. Click the ‘Get Form’ button to obtain the form and open it in the applicable editor.
2. Begin by entering your employer identification number (EIN) or social security number (SSN) at the top of the form. Ensure that these numbers are accurate to avoid any processing delays.
3. Next, fill in your business name, the name you operate under (D/B/A), and your mailing address. Double-check all details for correctness.
4. Indicate your principal business activity by selecting a category from the provided list. Only select one code and enter it on the front of the form.
5. In the gross receipts section, input your annual gross receipts for the year in the appropriate fields, complying with the guideline that applies to your business category.
6. If your taxable receipts exceed $9,000 per month, detail the monthly gross receipts as instructed, ensuring to subtract the exempt portion from the gross receipt amount before calculating the tax.
7. Calculate the tax due by multiplying your total taxable gross receipts by 4%. Enter this amount in the total tax field.
8. Review the penalty and interest sections and input any applicable charges based on your submission.
9. Lastly, sign and date the form, print your name, and provide your title. Include your telephone number for any follow-up.

Complete your tax filing by ensuring you save, download, or print your 720b Vi form after submission.