Instructions For Form Ct-33-C - Captive Insurance Company Franchise Tax Return - 2005
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2CT-33-C-I
New York State Department of Taxation and Finance
Instructions for Form CT-33-C
Captive Insurance Company Franchise Tax Return
Computerized returns
Up-to-date information affecting your
2005 tax return
We will accept computer-produced corporation tax returns if they
meet our printing specifications. For information, see Publication 76,
Visit the Corporation Tax Up-to-Date Information page on our Web site
Specifications for Reproduction of New York State Corporation Tax
at for Tax Law changes or forms corrections that
Forms.
occurred after the forms and instructions were printed.
Specific instructions
Your refund or overpayment may be applied against outstanding
tax debts owed to other states — Due to a recent law change, your
Reporting period —
Complete the beginning and ending tax
refund or overpayment may be reduced by amounts of outstanding tax
period boxes in the upper right corner on the front of the form.
debts owed to other states. The Commissioner of Taxation and Finance
may enter into a reciprocal agreement with other states to offset a
Your tax year for New York State must be the same as your federal tax
New York tax refund or overpayment against tax liabilities owed to other
year. Use this tax return for both calendar and fiscal tax years beginning
states, provided those other states agree to offset overpayments due
in 2005, and for short periods beginning in 2006 and ending before
their taxpayers against tax debt owed to New York. For more information
December 31, 2006.
concerning these changes, see Collection of debts from your refund
Changes in business information — You must report any changes
or overpayment on the back page and TSB-M-05(3)C, Summary of
in your business name, ID number, mailing address, physical address,
Corporation Tax Legislative Changes Enacted in 2005.
telephone number, or owner/officer information on Form DTF-95,
Additional reporting requirements for tax shelters — The Tax Law
Business Tax Account Update. If only your address has changed,
has been amended to provide new reporting requirements with respect
you may use Form DTF-96, Report of Address Change for Business
to the disclosure of information relating to transactions that present
Tax Accounts, to correct your address for this and all other tax types.
the potential for tax avoidance (tax shelters). These new reporting
You can get these forms from our Web site, by phone, or by fax. See
requirements are similar to the tax shelter disclosure requirements
Need help? on back of Form CT-33-C for the phone number and Web
for federal income tax purposes. Separate reporting requirements
address.
are imposed on those who utilize tax shelters and on those who
Change of address —
promote the use of tax shelters. The amendments impose penalties
If your address has changed, please enter
for nondisclosure and the underpayment of taxes due to participation
your new address in the appropriate area and mark an X in the box
in these transactions, extend the statute of limitations for assessments
below the address so that we can update your address for this tax type.
relating to these transactions, and create a voluntary compliance
Do not mark an X in this box for any change of business information
initiative to allow taxpayers to report and pay underreported tax
other than for your address.
liabilities and interest attributable to these transactions with a waiver
Amended return —
of penalties. For more information, see TSB-M-05(2)C (for business
If you are filing an amended return, please
taxes) or TSB-M-05(4)I (for personal income tax), Disclosure of Certain
mark an X in the Amended return box on the top of Form CT-33-C.
Transactions and Related Information Regarding Tax Shelters. Also see
TSB-M-05(2.1)C (for business taxes) or TSB-M-05(4.1)I (for personal
NAICS code and principal business activity —
Enter the
income tax), Supplement to the Disclosure of Certain Transactions and
six-digit NAICS business code number and principal business activity.
Related Information Regarding Tax Shelters.
Third-party designee —
If you want to authorize another person
Third-party designee — You can authorize another person to discuss
(third-party designee) to discuss your 2005 tax return with the New
this tax return with the Tax Department by completing the Third-party
York State Tax Department, mark an X in the Yes box in the Third-party
designee section of this form. For more information, see Third-party
designee area of your return. Also, enter the designee’s name, phone
designee below.
number, and any five-digit number the designee chooses as his or her
General information
personal identification number (PIN). If you want to authorize the paid
preparer who signed your return to discuss the return with the Tax
A premiums tax is imposed under section 1502-b of the Tax Law
Department, enter Preparer in the space for the designee’s name. You
on captive insurance companies licensed by the Superintendent of
do not have to provide the other information requested.
Insurance under Article 70 of the Insurance Law. Captive insurance
companies are not subject to the taxes imposed by sections 1501,
If you mark the Yes box, you are authorizing the Tax Department to
1502-a, or 1510 of the Tax Law, or to the metropolitan transportation
discuss with the designee any questions that may arise during the
business tax surcharge imposed by section 1505-a of the Tax Law.
processing of your return. You are also authorizing the designee to:
•
give the Tax Department any information that is missing from your
The tax on captive insurance companies is based on gross direct
return;
premiums and assumed reinsurance premiums. However, the tax
cannot be less than the minimum tax of $5,000. Tax credits are not
•
call the Tax Department for information about the processing of your
allowed against the tax imposed on captive insurance companies.
return or the status of your refund or payment(s); and
Captive insurance companies are not permitted to file a combined
•
respond to certain Tax Department notices that you shared with the
return and must compute their tax separately on Form CT-33-C.
designee about math errors, offsets, and return preparation. The
notices will not be sent to the designee.
When and where to file
You are not authorizing the designee to receive your refund check,
File your return within 2½ months after the end of your reporting period.
bind you to anything (including any additional tax liability), or otherwise
If you are reporting for the calendar year, file your return on or before
represent you before the Tax Department. If you want the designee to
March 15. If your filing date falls on a Saturday, Sunday, or legal holiday,
perform those services for you, you must file Form POA-1, Power of
then you must file your return on or before the next business day.
Attorney, making that designation with the Tax Department. Copies of
statutory tax notices or documents (such as a Notice of Deficiency) will
If you cannot meet this filing deadline, you may ask for a six-month
only be sent to your designee if you file Form POA-1.
extension of time by filing Form CT-5, Request for Six-Month Extension
to File.
You cannot revoke the third-party designee authorization or change the
PIN. However, the authorization will automatically end on the due date
Mail returns to: NYS CORPORATION TAX
PROCESSING UNIT
(without regard to extensions) for filing your 2006 tax return.
PO BOX 22038
Signature —
ALBANY NY 12201-2038.
The company’s president, vice president, treasurer,
assistant treasurer, chief accounting officer, or other officer authorized
If you use a delivery service other than the U.S. Postal Service, see
by the taxpayer must certify the return.
Private delivery services on the back of Form CT-33-C.
If an outside individual or firm prepared the return, the signature of the
You must also send a copy of Form CT-33-C to: The New York State
person and the name of the firm must be included.
Insurance Department, One Commerce Plaza, Albany NY 12257.
Whole dollar amounts —
You may elect to show amounts in
whole dollars rather than in dollars and cents. Round any amount from
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