File your Taxable Year 2013 Insurance Premiums License Tax estimated payments with the Department. The Insurance Premiums License Tax estimated payments are due on or before April 15, June 15, September 15, and December 15, 2013.
Any insurance company with an annual direct gross Insurance Premiums License Tax liability that is expected to exceed $3,000 is required to file estimated payments throughout the year. This $3,000 limitation is imposed after accounting for any applicable tax credits. Insurance companies must use Form 800ES to calculate estimated payments. This form provides instructions for calculating the amount of estimated Insurance Premiums License Tax that an insurance company should pay, as well as the amount and due date for each estimated tax payment. Insurance companies may submit payments electronically via the Department's website at www.tax.virginia.gov.
Any insurance company with an annual direct gross Insurance Premiums License Tax liability that is not expected to exceed $3,000, after all applicable tax credits have been utilized, is not required to file declarations of estimated Insurance Premiums License Tax for that year. Such taxpayer would pay any Insurance Premiums License Tax with the annual tax report due on March 1 of the year following the taxable year.
If an insurance company, excluding Risk Retention Groups, commenced business in Virginia during the 2013 calendar year, the company should have declared its initial declaration of estimated Insurance Premiums License Tax for the calendar year and, if applicable, made payment when registering for the Insurance Premiums License Tax with the Department. Such an insurance company is not required to make estimated payments during the same calendar year.
For more information, visit the Insurance Premiums License Tax webpage located on the Department's website at www.tax.virginia.gov/Insurance.
