Announcement To Companies Subject To The Insurance Premium Tax
PURPOSE: The purpose of this Announcement is to inform companies subject to the insurance premium tax of important changes relating to the mail out of the 1994 estimated payment forms, and of new forms now available for requesting an extension of time to file the insurance premium tax return and for calculating penalty and interest on underpayment of estimated taxes.
ESTIMATED PAYMENTS: All four 1994 estimated payment forms: Forms 207 ESA, ESB, ESC, ESD for domestic insurance companies, or 207F ESA, ESB, ESC, ESD for foreign and non-resident companies will be mailed in January 1994. This will be the only mailing of these forms in 1994. (In prior years these forms were sent out individually just prior to their due date.) There have been no changes to the due dates of these forms.
NEW FORMS: Form 207/207F PI, Underpayment of Estimated Insurance Premium Tax, is now available for companies required to make estimated tax payments by Conn. Gen. Stat. Section 12-204a. If the taxpayer has filed timely estimated tax payments and has paid at least 90% of the current year tax at the required installment rate, the taxpayer is not subject to penalty and interest and is not required to file this form. Likewise, if the current year tax is $1,000 or less, it is not necessary to complete this form.
Conn. Gen. Stat. Section 12-205, as amended by 1993 Conn. Pub. Acts 361, Section 3, authorizes the Commissioner, for good cause shown, to extend the time for filing the Form 207, or Form 207F, if a Form 207/207F EXT, Application for Extension of Time to File Insurance Premium Tax, is filed, together with payment of the tax reported to be due thereon, with the Department on or before March 1. Form 207/207F EXT does not extend the time to pay the premium tax. Any underpayment or late payment of tax will bear interest at the rate of 1 2/3 % per month or fraction thereof computed from March 1 until the date of payment.
NOTE: New York insurers that are unable to file a completed copy of their forms CT-33 (Franchise Tax Return for Insurance Corporations) and CT-33M (Metropolitan Transportation Business Tax Surcharge Return) on or before March 1, must file a Form 207/207F EXT, rather than a Form 207F. They are to file their Form 207F (obtaining extensions of time to do so, as necessary) only after they have filed their Forms CT-33 and CT-33M with the State of New York. A copy of these completed forms must accompany Form 207F.
EFFECT OF THIS DOCUMENT: An Announcement is a document that alerts taxpayers to important information. Such information may involve new administrative policies or procedures of the Department.
PLEASE NOTE THE FOLLOWING NEW INFORMATION ABOUT DRS.
FOR FURTHER INFORMATION: To order forms and publications or for further information, call the Department of Revenue Services at 860-297-5962 (Hartford area or out-of-state) or 1-800-382-9463 (in-state). Forms and publications may be ordered through voice-mail 24-hours a day by choosing Option 3 on your touch tone telephone.
Electronic Delivery Options: You can also obtain tax forms and publications 24-hours a day from our Web home page at http://www.ct.gov/drs.
Telecommunications Device for the Deaf (TDD/TT) users only call 860-297-4911 during business hours.