Form M11 - Insurance Premium Tax Return For Property And Casualty Companies - 2017 Page 3
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62017 Insurance Premium Tax Return for Property and Casualty Companies
.
For insurance tax laws, see Minnesota Statutes, Chapter 297I at
GFA and JUA Assessments
If you use other electronic payment
Which Form to File
methods, such as ACH credit method or
If you were assessed and made a payment
Property, casualty and title insurance com-
Fed Wire, instructions are available on our
to The Guaranty Fund Assessment (GFA)
panies use Form M11 to file premium taxes,
website or by calling Business Registration
and/or The Joint Underwriting Association
unless they are required to file Form M11L,
Office at 651-282-5225 or 1-800-657-3605.
(JUA), you may be able to claim a credit
M11H, or M11T (see below).
on line 26 and/or line 27. See lines 26 and
Estimated Tax Payments
• Life and health insurance companies use
27 instructions.
If your total tax liability for premium is
Form M11L to file premium taxes.
more than $500, you must make estimated
Before You File
• Health-care providers, such as nonprofit
payments based on the entire estimated
health-plan corporations, health-mainte-
You Need a Minnesota Tax ID
amount. To avoid an additional charge for
nance organizations or community inte-
Your Minnesota tax ID is the seven-digit
underpaying the tax, your payments must
grated service networks use Form M11H.
number you’re assigned when you register
be made on time and be at least one-fourth
with the Department of Revenue. You must
• Minnesota township mutual insurance
of the total annual prior year’s tax liability,
include your Minnesota tax ID on your
companies use Form M11T, a combined
or one-fourth of 80 percent of the total an-
return so that your filing and any payments
premium tax return and firetown pre-
nual current year’s tax liability.
you make are properly credited to your
mium report.
Estimated payments are due quarterly on
account.
March 15, June 15, Sept. 15 and Dec. 15.
Due Date
If you do not have a Minnesota tax ID,
When the due date falls on a weekend or
File your Form M11 with all required at-
apply online at
legal holiday, payments made electronically
tachments and pay any tax due by March 1.
or call 651-282-5225 or 1-800-657-3605.
or postmarked on the next business day are
Payment extensions are not allowed.
considered timely.
It is also important to enter your federal ID
The U.S. postmark date, or date recorded or
number and NAIC number on your return,
If you are not required to pay electronically
marked by a designated delivery service, is
but not in place of your Minnesota tax ID
and you choose to pay by check, you must
considered the filing date (private postage
number.
mail a personalized payment voucher along
meter marks are not valid). When the due
with your estimated tax payment to help
date falls on a Saturday, Sunday or legal
Filing Requirements
ensure the payment is credited correctly.
holiday, returns and payments electroni-
Visit our website at
All insurance companies licensed in Minne-
cally made or postmarked the next business
mn.us and click on “Make a Payment” and
sota during the tax year must file a premium
day are considered timely. When a return
then “By check” to create a voucher. Print
tax return even if they have not actually trans-
or payment is late, the date it is received at
and mail the voucher with a check made
acted insurance business in Minnesota during
the Department of Revenue is treated as the
payable to Minnesota Revenue.
the tax year. Unlicensed insurance companies
date filed or paid.
collecting premiums on Minnesota risks must
When you pay by check, your check autho-
Extension for Filing Return. If good cause
also file a premium tax return. Insurers with a
rizes us to make a one-time electronic fund
exists, you may request a filing extension.
premium tax liability of more than $500 must
transfer from your account, and you may
also make estimated tax payments.
not receive your cancelled check.
Payments
Insurance companies are exempt from
If you make your payments electronically,
Electronic Payments
Minnesota corporation franchise tax. (M.S.
do not send in a voucher.
If your total insurance taxes and surcharges
290.05, subd. 1c)
due for the last 12-month period end-
If you do not pay the correct amount of
Annual Financial Statements. Insurance
ing June 30 is $10,000 or more, you are
estimated tax by the due dates and your tax
companies that do not file statements with
required to pay your tax electronically in all
liability is more than $500, you may have
the NAIC are required to file a copy of their
subsequant years.
to pay an additional charge for underpay-
statement with the Department of Revenue
ing. Complete the worksheet on page 4.
You must also pay electronically if you’re
(9” x 14” version). If any premiums or
Overpayments from prior years or prior
required to pay any Minnesota business tax
deductions reported on Form M11 can-
estimated overpayments should be applied
electronically, such as withholding tax.
not be verified from the annual statement,
before underpayment charges are figured.
To pay electronically, go to the department’s
you must attach documentation to your tax
website at and
return substantiating the amounts.
Return Payment
log in to e-services. If you do not have
If there is an amount due on Form M11,
Internet access, call 1-800-570-3329 to
either pay it electronically or by check.
File Electronically
pay by phone. You’ll need your user name,
Options are available to electronically pre-
If you are not required to pay electronically
password and bank routing and account
pare and file this report. Electronic Filing
and you choose to pay by check, you must
numbers. When paying electronically, you
is a secure, fast and easy way to file.
mail a personalized payment voucher along
must use an account not associated with any
For more information, go to our website
with your return payment to help ensure
foreign banks.
.
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