Form Ig260 - Nonadmitted Insurance Premium Tax Return For Surplus Lines Brokers - 2017 Page 4
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42017 Form IG260 Instructions
(continued)
Business Information
Line 8 — Penalty
H. Total Fees and Commissions
(excluding stamping fee)
Late Payment. If you don’t pay all the tax
Changes
Include all fees and commissions paid by
due by the due date, a late payment pen‑
Be sure to let us know within 30 days if you
policyholder to obtain coverage that are not
alty is due. The penalty is 5 percent of the
change mailing addresses, phone numbers,
included in premiums.
unpaid tax for any part of the first 30 days
or any other business information. To do
the payment is late, and 5 percent for each
I. Total Gross Premiums
so, go to our website, login to e‑Services
additional 30‑day period, up to a maximum
Total premiums and all fees and commis‑
and update your profile information. By
of 15 percent.
sions (column G plus column H).
notifying us, we will be able to let you know
Late Filing. Add a late filing penalty to
of any changes in Minnesota tax laws and
J. Return Premiums
the late payment penalty if your return is
filing requirements.
Enter all return premiums. Include a note
not filed by the due date. The penalty is
indicating on which return the original
5 percent of the unpaid tax. When added
Information and Assistance
policy was reported. Return premiums
to the late payment penalty, the maximum
can only be claimed by the broker where
Website:
combined penalty is 20 percent.
the premiums and taxes were originally
Email:
insurance.taxes@state.mn.us
reported.
Payment Method. If you are required to
Phone:
651‑556‑3024
pay electronically and do not, an additional
Page 1, Line Instructions
This material is available in alternate for‑
5 percent penalty applies to payments not
mats.
made electronically, even if a paper check is
Check Boxes
For questions about licensing and regula-
sent on time.
At the top of the form, check if the return is:
tions, contact the Minnesota Department of
• an Amended Return: Check only if you
Line 9 — Interest
Commerce:
are amending a previously filed return for
You must pay interest on the unpaid tax
Website:
the same period. Include all original and
plus penalty from the due date until the
Email:
licensing.commerce@state.mn.us
corrected policies on the amended return.
total is paid. The interest rate for calendar
Phone:
651‑539‑1599 or 1‑800‑657‑3978
year 2017 is 4 percent. The interest rate may
• a No Activity Return: Check only if
Fax:
651‑539‑0107
change for future years.
you did not have any activity during the
For questions about stamping fees, contact
period.
To figure how much interest you owe, use
the Surplus Lines Association of Minnesota
the following formula with the appropriate
(SLAM):
Line 4 — Total Return Premiums
interest rate:
Enter all return premiums as a positive
Website:
Interest = (tax + penalty) × # of days late ×
number.
Email:
interest rate ÷ 365
Phone:
320‑679‑4244
Line 5 — Taxable Gross Premiums
Gross premiums include fees and commis‑
sions.
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