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Key Issues:
- The US Internal Revenue Service and the US Virgin Islands Bureau of Internal Revenue have entered into an arrangement concerning the automatic exchange of income tax information
- For tax years ending on or after December 31, 2006, the statute of limitations on assessment of US tax will begin upon filing a US Virgin Islands tax return, for those US citizens and residents who are bona fide residents of the USVI
- For years prior to 2006, such individuals (US citizens/residents who are bona fide USVI residents) with gross income of $75,000 or more may want to consider filing prior year US returns
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