Virgin Islands Law Blog

Governor Signs Bill Protecting VI Consumers Utilizing Debt Management Services

tbolt@vilaw.com (Tom Bolt) — Mon, 01 Feb 2010 13:09:02 -0400

The Uniform Debt-Management Services Act (UDMSA) was signed into law by Governor John P. deJongh Jr. of the Virgin Islands last Wednesday. The act sponsored by St. Croix senators Terrence Nelson, Neville James and Samuel Sanes was drafted and...

VI Governor Appoints BoltNagi Attorneys

lnagi@vilaw.com (Laura C. Nagi) — Sat, 30 Jan 2010 17:29:44 -0400

U.S. Virgin Islands Governor John P. deJongh recently appointed two BoltNagi attorneys to serve on territorial governmental boards. Managing Attorney Tom Bolt has been appointed as a member of the Interagency Council on Homelessness and Laura C. Nagi, Chair of...

Preparing an Individual Income Tax Return with U.S. Virgin Islands Income

hangell@vilaw.com (Harris R. Angell, Jr.) — Sat, 30 Jan 2010 12:07:44 -0400

The first "opportunity for solution" that you have in preparing a U.S. Virgin Islands Individual Income Tax return is that your tax preparation software doesn’t have a state module for the U.S. Virgin Islands. This is not a problem. A...

Costly Mistakes In Real Estate

tbolt@vilaw.com (Tom Bolt) — Sun, 24 Jan 2010 12:39:08 -0400

Investors sometimes make investments in real estate that turn out badly. There is an old saying in the Virgin Islands that "the man that makes a small amount of money in the Virgin Islands is one that started with a...

Federal Estate and Generation-Skipping Tax Repeal in 2010

dgravel@vilaw.com (Daniel J. Gravel) — Sun, 17 Jan 2010 13:24:44 -0400

Congress failed to address pressing estate and generation-skipping transfer tax matters before it adjourned in December. Consequently, as of January 1, 2010, the provisions of 2001 federal tax legislation (the “2001 Act”) will cause the federal estate and federal generation-skipping...

Congress Provides for COBRA Extension

rnagi@vilaw.com (Ravi S. Nagi) — Sun, 17 Jan 2010 12:51:03 -0400

At the beginning of 2009, employers, insurers and COBRA administrators revised their procedures and notices to implement the COBRA subsidy provided under the American Recovery and Reinvestment Act of 2009 (“ARRA”). These provisions allowed certain eligible individuals to elect COBRA...

Law Firm Announces Name Change to BoltNagi, PC

tbolt@vilaw.com (Tom Bolt) — Sat, 02 Jan 2010 11:19:48 -0400

BoltNagi, PC is the new name for the prominent St. Thomas law and lobbying firm previously known as Tom Bolt & Associates, PC. with the addition of Ravinder S. Nagi as a shareholder in the firm. The 20 year old...

St Thomas Attorney Advocates New Probate Code

tbolt@vilaw.com (Tom Bolt) — Mon, 09 Nov 2009 18:36:36 -0400

In order to clarify outdated and inappropriate legal guidelines and streamline the Territory’s slow probate process, the Senate Rules and Judiciary Committee passed a bill Thursday that will adopt the Uniform Probate Code currently enacted in 19 states. In the...

ICANN and U.S. Department of Commerce Sign New "Affirmation of Commitments"

tbolt@vilaw.com (Tom Bolt) — Wed, 30 Sep 2009 19:50:03 -0400

The Internet Corporation for Assigned Names and Numbers (ICANN) and the U.S. Department of Commerce's National Telecommunications and Information Administration (NTIA) announced today that it has reached an agreement that establishes a long-lasting framework for the technical coordination of the...

IRS Scrutizes Offshore Hedge Fund Lending

tbolt@vilaw.com (Tom Bolt) — Wed, 30 Sep 2009 16:20:42 -0400

The Internal Revenue Service has released an internal memorandum indicating that it will give close audit scrutiny to offshore hedge funds that engage in lending activities with U.S. residents. A number of hedge funds have relocated to the U.S....

Changes to Required Minimum Distribution Rules Impact Virgin Islanders

tbolt@vilaw.com (Tom Bolt) — Sat, 26 Sep 2009 11:16:18 -0400

Retired? Over 70½? It may be time to see your tax advisor about September 2009 changes to the Required Minimum Distribution rules. The Internal Revenue Service in Notice 2009-82 just announced guidance relating to the waiver of 2009 Required Minimum...

American Bar Association Reelects Virgin Islands Attorney

tbolt@vilaw.com (Tom Bolt) — Wed, 12 Aug 2009 12:41:54 -0400

Tom Bolt, Managing Attorney of Tom Bolt & Associates, P.C., a St. Thomas business law firm, was reelected in August by the general membership of the American Bar Association as an At Large Delegate to the ABA's House of Delegates...

Obama Administration Announces $20.2 M in Housing Funds for Virgin Islands

tbolt@vilaw.com (Tom Bolt) — Sun, 12 Jul 2009 00:50:56 -0400

As part of the Obama Administration's effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury today announced $20.2 million in American Recovery and Reinvestment Act (ARRA) funding to spur the development of...

Territory's National Banks Subject to Virgin Islands Law

tbolt@vilaw.com (Tom Bolt) — Sat, 04 Jul 2009 17:48:00 -0400

On June 29, 2009, the United States Supreme Court decided Cuomo v. Clearing House Association which invalidated, by a vote of 5 to 4, a regulation issued by the Comptroller of the Currency that broadly preempted the states and territories...

Habitat Virgin Islands Dedicates First Home

tbolt@vilaw.com (Tom Bolt) — Mon, 15 Jun 2009 18:56:08 -0400

Even in the sweltering Sunday morning heat, a cool breeze blew through the eight open windows of the living room at No. 4 Adele Gade, rustling the trees in the garden and fanning the sweaty brows of the small group...