Forum Ig260 - Nonadmitted Insurance Premium Tax Return For Surplus Lines Brokers - 2012 Page 4
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42012 Form IG260 Instructions
(continued)
policy was reported. Return premiums
Late Filing. Add a late filing penalty to
of any changes in Minnesota tax laws and
can only be claimed by the broker where
the late payment penalty if your return is
filing requirements.
the premiums and taxes were originally
not filed by the due date. The penalty is
reported.
5 percent of the unpaid tax. When added
Information and Assistance
to the late payment penalty, the maximum
Website:
Page 1, Line Instructions
combined penalty is 20 percent.
Email:
insurance.taxes@state.mn.us
Check Boxes
Phone:
651‑556‑3024 (TTY: Call 711 for
Payment Method. If you are required to
Minnesota Relay)
At the top of the form, check if the return is:
pay electronically and do not, an additional
5 percent penalty applies to payments not
• an Amended Return: Check only if you
We’ll provide information in other formats
made electronically, even if a paper check is
upon request to persons with disabilities.
are amending a previously filed return for
sent on time.
the same period. Include all original and
For questions about licensing and regula-
corrected policies on the amended return.
Line 9 — Interest
tions, contact the Minnesota Department of
• for No Activity: Check only if you did not
You must pay interest on the unpaid tax
Commerce:
plus penalty from the due date until the
purchase any insurance from unlicensed
Website:
total is paid. The interest rate for calendar
companies in 2011.
Email:
companylic.commerce@state.mn.us
years 2012 and 2013 is 3 percent. The inter‑
Phone:
651‑296‑6319 or 1‑800‑657‑3602
Line 5 — Taxable Gross Premiums
est rate may change for future years.
(
: Call Minnesota Relay at 711)
TTY
Gross premiums include fees and commis‑
To figure how much interest you owe, use
sions.
For questions about stamping fees, contact
the following formula with the appropriate
the Surplus Lines Association of Minnesota
interest rate:
Line 8 — Penalty
(SLAM):
Late Payment. If you don’t pay all the tax
Interest = (tax + penalty) × # of days late ×
Website:
due by the due date, a late payment pen‑
interest rate ÷ 365
Email:
alty is due. The penalty is 5 percent of the
Business Information
Phone:
320‑679‑4244
unpaid tax for any part of the first 30 days
Changes
the payment is late, and 5 percent for each
additional 30‑day period, up to a maximum
Be sure to let us know within 30 days if you
of 15 percent.
change mailing addresses, phone numbers,
or any other business information. To do
so, go to our website, login to e‑Services
and update your profile information. By
notifying us, we will be able to let you know
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