Form Ins-2 - Maine Estimated Monthly Return For Fire Investigation And Prevention Tax Page 8
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8INSTRUCTIONS
Estimated Payment. Every fire insurance company or association that does business or collects
premiums or assessments in Maine is required by statute to pay 1.4% of the gross direct premiums for
fire risks written in Maine, less the amount of all direct return premiums and all dividends paid to
policyholders on direct fire premiums. The tax must be paid on an estimated basis at the end of each
month, with each installment equal to at least 1/12 of the estimated total tax to be paid for the current
,
,
. 0 0
calendar year. ........................................................................................................................................
$
Interest & Penalty. Beginning January 1, 2007, the interest rate is 12% per annum, compounded monthly.
The penalty for failure to file a return on time is the greater of $25 or 10% of the tax due, unless the return is filed more than 30 days after the receipt of a
demand notice from the State Tax Assessor, in which case the failure-to-file penalty becomes 100% of the tax otherwise due.
The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure continues, to
a maximum of 25% of the outstanding liability.
FORM INS-5
Estimated payments for the 2007 Fire Investigation and Prevention Tax must be reconciled on the 2007 Maine Form INS-5 due March 17, 2008. Any final
amount due must be paid with the return..
Statutory References. This return is made in compliance with 36 M.R.S.A.§ 2521-A and 25 M.R.S.A. § 2399.
INSTRUCTIONS
Estimated Payment. Every fire insurance company or association that does business or collects
premiums or assessments in Maine is required by statute to pay 1.4% of the gross direct premiums for
fire risks written in Maine, less the amount of all direct return premiums and all dividends paid to
policyholders on direct fire premiums. The tax must be paid on an estimated basis at the end of each
month, with each installment equal to at least 1/12 of the estimated total tax to be paid for the current
,
,
. 0 0
calendar year. ........................................................................................................................................
$
Interest & Penalty. Beginning January 1, 2007, the interest rate is 12% per annum, compounded monthly.
The penalty for failure to file a return on time is the greater of $25 or 10% of the tax due, unless the return is filed more than 30 days after the receipt of a
demand notice from the State Tax Assessor, in which case the failure-to-file penalty becomes 100% of the tax otherwise due.
The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure continues, to
a maximum of 25% of the outstanding liability.
FORM INS-5
Estimated payments for the 2007 Fire Investigation and Prevention Tax must be reconciled on the 2007 Maine Form INS-5 due March 17, 2008. Any final
amount due must be paid with the return..
Statutory References. This return is made in compliance with 36 M.R.S.A.§ 2521-A and 25 M.R.S.A. § 2399.
INSTRUCTIONS
Estimated Payment. Every fire insurance company or association that does business or collects
premiums or assessments in Maine is required by statute to pay 1.4% of the gross direct premiums for
fire risks written in Maine, less the amount of all direct return premiums and all dividends paid to
policyholders on direct fire premiums. The tax must be paid on an estimated basis at the end of each
month, with each installment equal to at least 1/12 of the estimated total tax to be paid for the current
,
,
. 0 0
calendar year. ........................................................................................................................................
$
Interest & Penalty. Beginning January 1, 2007, the interest rate is 12% per annum, compounded monthly.
The penalty for failure to file a return on time is the greater of $25 or 10% of the tax due, unless the return is filed more than 30 days after the receipt of a
demand notice from the State Tax Assessor, in which case the failure-to-file penalty becomes 100% of the tax otherwise due.
The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure continues, to
a maximum of 25% of the outstanding liability.
FORM INS-5
Estimated payments for the 2007 Fire Investigation and Prevention Tax must be reconciled on the 2007 Maine Form INS-5 due March 17, 2008. Any final
amount due must be paid with the return..
Statutory References. This return is made in compliance with 36 M.R.S.A.§ 2521-A and 25 M.R.S.A. § 2399.
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