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Insurance Premiums License Tax - Frequently Asked Questions

Responsibilities of the Administering Agencies

What are the responsibilities of the Virginia Department of Taxation regarding the Insurance Premium License Tax?

Commencing on January 1, 2013, The Department of Taxation (the Department) is responsible for administering the Insurance Premiums License Tax (PLT).  Administrative responsibilities include the processing of tax reports, the handling of related payments and billings, providing customer services, and performing collections and auditing functions as related specifically to PLT.  In addition, the Department will administer the retaliatory cost assessment as well as oversee the retaliatory costs tax credit. For more detailed information about filing and payment, visit the Insurance Premiums License Tax home page.

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What are the responsibilities of the State Corporation Commission Bureau of Insurance  beginning January 1, 2013?

The Bureau of Insurance (BOI) is responsible for issuing licenses for insurance companies and surplus lines brokers, conducting regulatory audit examinations and administering the annual maintenance assessment, the Fire Programs Fund, the Dam Safety Program, the Flood Prevention and Protective Assistance Fund and the programs to reduce losses from vehicle thefts and insurance fraud.  In addition, BOI is responsible for processing Insurance Premiums License Tax reports, payments and billings, and providing customer service support for returns, payments and bills for Taxable Year 2012 and prior years.  For more information regarding annual report filings for Taxable Year 2012, visit the Bureau of Insurance website.

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Insurance Companies

Are insurance companies that commence business in Virginia required to pay an initial declaration of estimated insurance premium license tax?

Yes, insurance companies commencing business in Virginia must pay their initial declaration of estimated insurance premiums license tax for the calendar year to the Department of Taxation before the Bureau of Insurance issues the license.  To calculate the tax, use an estimate of direct gross premium income expected to be derived from such business conducted in Virginia from the commencement date through December 31.  Insurance companies can register their business and pay the initial declaration of insurance premiums license tax online, or make a paper submission using the  Business Registration Application Form R-1 and the Declaration of Estimated Premiums License Tax Form R-1A.  The Form R-1A must be completed, even if the company’s direct gross premium income amount is zero dollars.

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What forms or reports are to be filed by insurance companies to the Department of Taxation?  When are they due?

The Form 800ES and Form 800 are to be filed with the Department of Taxation.  Filing with the Virginia Department of Taxation will began with the Taxable Year 2013.  The Form 800, Insurance Company Annual Premiums License Tax Return, is to be filedon or before March 1. The Form 800ES, Quarterly estimated payments is due on April 15, June 15, September 15 and December 15.  The Form 800ES is to be filed quarterly if the company's tax liability is expected to exceed $3,000.  NOTE:  Beginning with Taxable Year 2013, the Retaliatory Tax Report will be replaced with a schedule that will be included in the filing of the Annual Premiums License Tax Return.

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Can insurance companies make their payments electronically with the Department of Taxation?

Yes. The Department provides two secure online options for submitting estimated payments electronically through our eForms and Business iFile applications.   Payment by EFT Credit is available as well.  For more information, or to make a payment electronically, visit the Insurance Premiums License Tax home page.  To submit a paper check, you may download Form 800ES, Insurance Premiums License Tax Estimated Payments.

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Does the Department of Taxation accept amended returns?

Yes, if it becomes necessary to amend a previously filed Virginia tax return for Taxable Year 2013 or later, prepare a new Form 800 with the corrected figures and with any relevant attachments.  Check the "Amended Return" box on the foront of Form 800.  File the amended return within 3 years from the due date of the original return.

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What is the best way to stay informed about legislative changes, filing reminders, and other updates?

To receive the latest tax updates, sign up for our free e-Alerts service.  Subscribers periodically receive e-mail notifications about topics such as legislative changes and, filing reminders.  To subscribe, visit e-Alerts, select the topics of interest, and enter your email address.

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Surplus Lines Brokers

What forms or reports are to be filed by surplus lines brokers to the Department of Taxation?  When are they due?

If your tax liability is expected to exceed $1,500 for the tax year, you must file the Form 801, Surplus Lines Broker Quarterly Report.  The Form 801 is due on April 30, July, 30, and October 30 and January 30.  You are also required to file Form 802 on an annual basis.  The Form 802, Surplus Lines Broker Annual Reconciliation Tax Report, is due on or before March 1.

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Do I have to file zero returns?

It depends.  Every licensed Surplus Lines Broker must file an annual Form 802, even if no business was conducted.  However, Form 801 does not need to be filed if no payment is to be remitted.

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Does the Department of Taxation accepted amended returns?

Yes, If it becomes necessary to amend a previously filed Virginia tax report for Taxable Year 2013 or later, prepare a new Form 802 with the corrected figures.  Check the "Amended Return" box on the Form 802.  Form 802 can also be amended on-line.  File the amended report within three years from the due date of the original report.

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Can surplus lines brokers file their quarterly/annual tax reports and make payments electronically with the Department of Taxation?

Yes, surplus lines brokers can file and pay electronically.  The Department provides a secure online option for surplus lines brokers to submit quarterly tax reports and make payments electronically through our eForms application.  For more information, visit the Insurance Premiums License Tax home page.  To file and pay with a paper return, download Form 801, Surplus Lines Brokers Quarterly Tax Reports or Form 802 Surplus Lines Broker Annual Reconciliation Tax Report.

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What is the best way to stay informed about legislative changes, filing reminders, and other updates?

To receive the latest tax updates, sign up for our free e-Alerts service.  Subscribers periodically receive e-mail notifications about topics such as legislative changes and, filing reminders.  To subscribe, visit e-Alerts, select the topics of interest, and enter your email address.

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Last Updated 11/21/2014 10:39

 

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