Form Dr-907 - Florida Insurance Premium Installment Payment (Page 3 of 3) in pdf

DR-907N

R. 01/18

Rule 12B-8.003

Florida Administrative Code

Effective 01/18

Instructions for Filing Insurance Premium Installment Payment (Form DR-907)

Interest for Underpayment/Late Filing of Insurance Premium Tax

Use black ink. Example A - Handwritten Example B - Typed

Installment Payments:

0123456789

0 1 2 3 4 5 6 7 8 9

Interest accrues when a taxpayer fails to pay any amount due on or before

the due date. A floating rate of interest applies to underpayments and late

When is the installment payment due and payable? Installments of tax are

payments of tax. The rate is updated January 1 and July 1 of each year by

due and payable on April 15, June 15, and October 15 of each year. A final

using the formula established in section 213.235, Florida Statutes. For current

payment of tax due for the year must be made at the time the taxpayer files

and prior year interest rates, visit our website or contact Taxpayer Services

the return (Form DR-908) for the year.

(see “Contact Us”).

An installment will be considered timely filed if it is postmarked by the U.S.

Where to Mail Your Form and Payment:

Postal Service on or before the applicable due date. If the due date falls

Mail your completed Form DR-907 and payment to:

on a Saturday, Sunday, or state or federal holiday, the installment will be

Florida Department of Revenue

considered timely filed if it is postmarked the next business day.

5050 W Tennessee Street

What are the installment payments based on? Installments are based

Tallahassee FL 32399-0150

on the estimated gross amount of receipts of insurance premiums or

Electronic Filing:

assessments received during the immediately preceding calendar quarter. The

You are able to file and pay insurance premium tax electronically using the

second quarter installment due June 15 (not July 15) requires the estimate to

Department’s secure website. If you paid $20,000 or more in tax during

be through June 30. All of the taxes reported on Form DR-908 are subject

the State of Florida’s prior fiscal year (July 1 – June 30), you are required to

to installment payment requirements, not just the insurance premium

file and pay electronically. Insurers are encouraged to file electronically and

tax reported on Schedule I of Form DR-908. Because of the complexities

take advantage of the opportunity to save resources. Insurers can obtain a

of computing the standard 90 percent installment payment for all of the taxes

waiver by calling 850-488-6800. Please visit the Department's website at:

reported on Form DR-908, most insurers use the safe harbor of paying 27

for more information.

percent of the tax due in the preceding year for each installment payment.

Account Changes

If each installment is 27 percent of the amount of the annual tax reported

If you change your business name, location or mailing address, or close

on the preceding year’s Form DR-908 (Line 11 minus Line 9 and Line 10),

or sell your business, immediately notify the Department. The quickest

there will be no installment penalty. The installment amounts that must be

way to notify us is online. Go to: ,

paid to meet the prior year exception are decreased by the amount of the

then select "Change address or account status."

nonprofit scholarship funding (SFO) credit earned with contributions made

during the tax year. Contributions must be made on or before the installment

due date to decrease the amount that must be paid to meet the prior year

Information, forms, and tutorials are available on the Department's website at:

exception. For example, an insurer that paid $100,000 in insurance premium

tax, after credits, last year is required to remit $27,000 by April 15, another

$27,000 for a total of $54,000 by June 15, and another $27,000 for a total

If you have any questions, contact Taxpayer Services at 850-488-6800,

of $71,000 by October 15 of the year. The amount required to be remitted

Monday through Friday, excluding holidays.

by each installment due date to meet the prior year exception is reduced by

To find a taxpayer service center near you, go to:

SFO credit earned prior to each installment due date. Assuming the insurer

made a contribution of $50,000 on March 31 of the tax year and received a

certificate from the nonprofit scholarship funding organization, it would not

For a written reply to tax questions, write:

need to make any installment payment to meet the prior year exception for

Taxpayer Services - MS 3-2000

the first installment, but it would need to remit $4,000 or earn another SFO

Florida Department of Revenue

credit of at least $4,000 by June 15 to meet the prior year exception for the

5050 W Tennessee St

second installment and would need to remit a total of $31,000 or earn SFO

Tallahassee FL 32399-0112

credits of at least $31,000 by October 15 to meet the prior year exception for

the third installment.

Get the Latest Tax Information:

Penalty for Underpayment/Late Filing of Insurance Premium Tax

Subscribe to our tax publications to receive due date reminders or an email

Installment Payments:

when we post:

Any taxpayer who fails to report and timely pay any installment of tax, who

• Tax Information Publications (TIPs).

estimates any installment of tax to be less than 90 percent of the amount

• Proposed rules, notices of rule development workshops, and more.

finally shown to be due in any quarter, and/or who fails to report and timely

pay any tax due with the final return is subject to a penalty of 10 percent on

Go to:

any underpayment of taxes or delinquent taxes due and payable for that

quarter and/or on any delinquent taxes due and payable with the final return.

Form Dr-907 - Florida Insurance Premium Installment Payment Page 3

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