USVI Bureau Internal Revenue

Revenue Ruling 2025-1223-1 Interest Payments Non-Resident Aliens

The Virgin Islands Bureau of Internal Revenue has issued Revenue Ruling 2025-1223-1, clarifying the mirrored application of Treasury Regulation section 1.6049-8(a) regarding withholding and reporting requirements for interest payments made to non-resident aliens. The Ruling applies to all banks and financial institutions doing business in the Virgin Islands, requiring them to report interest paid to non-resident aliens and any required backup withholding to the Bureau using Form 1042-S. Questions may be directed to the Office of Chief Counsel at (340) 715-1040.

W-2VI Due February 2nd for USVI Employers

The USVI Bureau of Internal Revenue has reminded employers that Form W-2VI must be provided to employees by February 2, 2026. Form W-2VIs and Form W-3SS are now available for pickup at all Bureau offices on St. Thomas, St. Croix, and St. John. Employers with questions should contact the Federal Disclosure Office at (340) 715-1040, extension 2240.

Trump Account $1,000 Contribution Eligibility for Children Born 2025-2028

The USVI Bureau of Internal Revenue informs individual taxpayers about a new Trump Account benefit available to children born after 2024 and before 2029 who are U.S. citizens. Parents, guardians, and authorized individuals may elect to establish a Trump Account and receive a $1,000 federal contribution for eligible children by filing IRS Form 4547 electronically at TrumpAccounts.gov or by mail to the IRS in Austin, TX. The Treasury Department will send account-opening information starting in May 2026.