And as people get started on their filings, the Internal Revenue Service (IRS) is urging taxpayers to get a closer look at an oft-overlooked — and potentially useful — tax credit.
Joel A. Lee, director of the Virgin Islands Bureau of Internal Revenue, announced the implementation of VI Quick File, the Bureau’s online income tax filing portal, in a press release Friday.
Down payment amounts above $19,000 and received as a gift must be reported on a gift tax return by the person making the gift—not the beneficiary. But that doesn't mean the donor will pay taxes. "The ...