Form Iip-R - Annual Industrial Insurance (Workers Compensation) Reconciliation Premium Tax Return - 2012 Page 4

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Line 14 Penalty If this return is not submitted/postmarked and taxes are not paid on or before the due date as shown on the face of
this return, the amount of penalty due is a) For returns with Period(s) Ending prior to and including 3/31/07 the Penalty is 10%; b) For
returns with Period(s) ending 4/30/07 and after; the amount of penalty due is based on the number of days the payment is late per
NAC 360.395 (see table below). The maximum penalty is 10%.
Number of days late
Penalty Percentage
Multiply by:
1 - 10
2%
0.02
11 - 15
4%
0.04
16 - 20
6%
0.06
21- 30
8%
0.08
31 +
10%
0.10
Determine the number of days late the payment is, and multiply the net tax owed (Line 15) by the appropriate rate based on the table
above. The result is the amount of penalty that should be entered. For Example, the taxes were due January 31, but not paid until
February 15 so the penalty is 4%.
Line 15 Daily Interest If this return will not be postmarked and the taxes paid on or before the due date as shown on the face of this
return, interest will be calculated daily. Line 15 multiplied by .00049315068 times the number of days late.
Line 16 Total Adjusted Premium Tax Due If the calculated amount entered on this line results in a negative figure, this amount is the
premium tax overpayment that may refunded. Pursuant to NRS 680B.120 request for refund must be made within 1 year after the
date such fees, charges or taxes were originally required to be paid or within 30 days after the date of payment of any additional tax,
charge or fee. If you owe premium tax and/or retaliatory assessment, make check payable to the Department of Taxation.
IIP-R
Revised 12-06-12

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