INSTRUCTIONS FOR FILING THE
VIRGINIA DECLARATION OF ESTIMATED LICENSE TAX
AND ESTIMATED ASSESSMENT
THESE INSTRUCTIONS APPLY TO EACH QUARTER
Please read and follow these instructions
carefully. Questions regarding declarations may be directed
to Jan Stephens (804) 37l-9239 or Joyce Doss (804) 37l-9096.
l. Filing of the declaration and payment of
estimated license tax and/or estimated assessment is required
if the company's annual license tax and/or assessment is
expected to exceed $3,000. NOTE: The Assessment
portion does not include the Fraud, Fire Programs
Fund, Flood Prevention & Protection Assistance Fund,
HEAT Fund nor the MCHIP Assessment.
2. Payments are
recorded using the company's NAIC
number and the Form I.D. When
payments are posted to the wrong
NAIC number or the wrong quarter,
penalties and interest could result
during the annual tax report audit
and in the "additions to
the tax" calculations. NOTE:
The Form I.D defines the declaration
form required to be filed each
quarter. To ensure the proper
crediting of your payments, please
use the correct form for the quarter
that you are filing. For example,
if you are filing Quarter 1, the
Form I.D. is 601081 (60 represents
the form type, 1 represents the
quarter and 08 represents the
year) and Quarter 2 is 602081.
DO NOT
USE COPIES OF PRIOR QUARTERLY
FORMS as the Form I.D. block
changes each quarter.
ALL FORMS SHOWING THE INCORRECT FORM
I.D. WILL BE RETURNED WITH ANY PAYMENT THAT WAS SUBMITTED.
RETURNED FORMS AND PAYMENTS POSTMARKED AFTER THE DUE DATE
WILL BE CONSIDERED LATE AND SUBJECT TO LATE PAYMENT INTEREST
THAT WILL BE BILLED AT A LATER DATE.
3. Declarations must
be dated and signed by a company
officer. Line 2,
the estimated amount, MUST be
completed with an amount greater
than zero if a payment is being
made. Line 5,
Col. l plus Line 5, Col. 2 must
equal the Total Amount Due, on
Line 6, which must equal the check
submitted with the form. SEND
ONE CHECK FOR EACH COMPANY.
Checks may not be postdated.
4. Payments are considered timely filed if
postmarked on or before midnight of the due date. If the
due date falls on Saturday or Sunday, the following Monday
is considered timely filed.
5. ALL FORMS ARE TO BE MAILED TO THE
FOLLOWING LOCKBOX ADDRESS:
Regular Mail:
Wachovia Bank/State Corporation Commission
TAA Insurance 2
P. O. Box 759064
Baltimore, MD 21275-9064 |
Overnight Mail:
Wachovia Bank/State Corporation Commission
TAA Insurance 2
Lockbox 759064
7175 Columbia Gateway Drive
Columbia, MD 21046 |
6. Overpayments
from a previous year MAY NOT be applied to quarterly
declaration payments. Overpayments are refunded
in accordance with the appropriate Virginia Code sections
as soon as practicable after the March l tax/assessment
filing date.
7. License tax and assessment are two separate
accounts in Virginia and should be treated as separate
entities. DO NOT NET ONE ACCOUNT
FROM THE OTHER. Be sure to allocate your
estimates to the appropriate column. Requests for transfers
of payments between accounts must be made in writing no
later than December 3l of the applicable taxable/assessable
year.
8. TAX ADDRESS & CONTACT INFORMATION:
If any portion of your tax/assessment address and contact
information has changed, you must update the Bureau's records
via our website: www.scc.virginia.gov/division/boi/webpages/boiinstaxinsurancecoinfo.htm
Click on the Tax/Assessment Address and Contact Form link,
enter your company's unique Login Code and make the necessary
changes in the information.
