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In contrast to the specific exclusion of eligibility for the Small Employer Health Insurance Premium Credit as stated in the IRC for US Territory businesses. 083-2011 March 14, 2011 BUREAU OF INTERNAL REVENUE ISSUES ADVISORY ON CREDIT FOR SMALL EMPLOYER HEALTH INSURANCE PREMIUMS
Internal Revenue Bureau Director Claudette Watson-Anderson on Monday issued a reminder to employers of the requirements for the new credit available for payments made for health insurance premiums. The new credit is part of the Affordable Care Act and is available on the 2010 income tax returns. An employer will be eligible for the credit if premiums were paid for employee health insurance coverage under a qualifying arrangement; if the employer had fewer than 25 full-time employees for the tax year; and if the employer paid annual average wages of less than $50,000 per full time employee. Employers meeting these requirements will be eligible for the credit. Anderson informed eligible small employers of the premium amounts that must be used to determine the amount of credit for small employer health insurance. The credit is 35% of the premiums paid or 25% for tax exempt employers. However, there is a cap on the credit. For Virgin Islands employers, the credit will be reduced if the premiums paid are more than the following amounts: for Single coverage: $4,215; for Family coverage: $9,365. Form 8941 is used to figure the credit for each employer. Anderson said questions concerning the small employer health insurance premiums should be directed to the Bureau’s Chief Counsel at (340) 715-1040, ext. 2249 or (340) 714-9312.
Employers in the VI are not eligible for the Small Employer Health Insurance Credit Click here for the detailed analysis that will clear up any misconceptions......well maybe not (see above!)
Below are links to commonly used forms in the Virgin Islands. Please note that none of the data entered on these forms is retained by this website.
501 VI Withholding Receipt Payment
VIESA Employers Quarterly Wage and
Contribution Report
Corporations and Trademarks
Annual Report and Computation of Filing Fee, Limited Liability Company - Domestic/Foreign Annual Report And Annual Fee Limited Liability Limited Partnership - Domestic/Foreign Annual Report on Domestic or Foreign Corporations Corporate Trade Name Certificate Corporate Trade Name Certificate Limited Liability Company Corporation Franchise Tax Due Domestic Corporation Corporation Franchise Tax Due Foreign Corporation Corporation Franchise Tax Due Virgin Islands Foreign Sales Corporation Annual Report Limited Liability Partnership - Domestic/Foreign
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