Form 800c - Underpayment Of Virginia Estimated Insurance Premiums License Tax - 2014
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1
2*VA800C114888*
2014 Underpayment of
Form 800C
Virginia Estimated Insurance
VA Department of Taxation
PO Box 26179
Premiums License Tax
Richmond, VA 23260-6179
Company Name
Federal Employer ID Number
Address
NAIC/License #
City, State and ZIP Code
State of Domicile
PART I HOW TO COMPUTE THE UNDERPAYMENT
By completing Lines 1 through 8, a company can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the
minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment.
1. Insurance Premiums License Tax reduced by allowable nonrefundable and refundable credits from Schedule 800CR ..... 1.
2. 90% of Line 1........................................................................................................................................................................ 2.
Due Dates of Installments
(a)
(b)
(c)
(d)
Due Dates of Estimated Payments
April 15, 2014
June 15, 2014
Sept. 15, 2014
Dec. 15, 2014
3. Enter 25% of Line 2 in Columns (a) through (d) ........................
4. Amounts paid or credited for each period..................................
5. Reserved for future use .............................................................
6. Overpayment of previous installment ........................................
7. Total (add Lines 4, 5 and 6) .......................................................
8. Underpayment (or overpayment). Subtract Line 3 from Line 7.
An overpayment of an installment in Line 8 that is in excess of all prior underpayments should be applied as a credit against the next installment.
PART II EXCEPTIONS TO THE ADDITIONAL CHARGE
NOTE: IF YOU MEET ANY OF THE EXCEPTIONS THAT AVOID
THE ADDITION TO THE TAX, COMPLETE LINES 9 THROUGH 12.
(a)
(b)
(c)
(d)
9. Total amount paid or credited from the beginning of the taxable
year through the installment dates that correspond to the 15th
day of the 4th, 6th, 9th and 12th months of your taxable year ..
25% of tax
50% of tax
75% of tax
100% of tax
10. Exception 1, Prior year’s tax ......................................................
25% of tax
50% of tax
75% of tax
100% of tax
11. Exception 2, Tax on prior year’s income based on the facts
shown on prior year’s return, but using current year’s rates. ....
22.50% of tax
45% of tax
67.50% of tax
90% of tax
12. Exception 3, Tax on annualized income (Attach computation) ..
There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the company made the minimum
payment determined under any of the exceptions set forth in the instructions.
PART III COMPUTATION OF THE ADDITIONAL CHARGE
If an underpayment of estimated tax is shown in Line 8, above, for an installment and an exception is not applicable, the additional charge should be
computed by completing the portion(s) of this schedule that are applicable to the installment(s).
(a)
(b)
(c)
(d)
Due Dates of Estimated Payments
April 15, 2014
June 15, 2014
Sept. 15, 2014
Dec. 15, 2014
13. Amount of underpayment from Line 8 .......................................
14. Enter the date of payment or March 1, whichever is earlier ......
15. Number of days from due date of installment to the date shown
on Line 14 ..................................................................................
16. Additional charge (Rate of interest established in IRC § 6621,
plus 2%, times the amount on Line 13 for the number of days
shown on Line 15) (See instructions) ........................................
17. Add Columns (a) through (d), Line 16. Enter the amount on Schedule 800ADJ, Section C, Line 11 and attach this form.
A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent that such payment
exceeds the amount of the installment as computed in Line 3. If the company made more than one payment for a given installment, attach a schedule
showing a separate computation for each payment.
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