Riginal report. See Va. Code 58.1-1823. Quarterly Tax Reports: A surplus lines broker must file quarterly tax reports using Form 801 if its annual Insurance Premiums License Tax liability can reasonably be expected to exceed $1,500 and, during the quarter, it derived direct gross premium income from policies for insureds whose home state is the Commonwealth of Virginia. Refer to the Form 801 instructions for more information. Penalties and Interest: The Virginia Surplus Lines Broker s Annua.
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How to fill out the Va Form 802 Fillable online
Completing the Virginia Surplus Lines Broker’s Annual Reconciliation Tax Report, or Va Form 802, is essential for licensed surplus lines brokers to meet their tax obligations. This guide provides clear, step-by-step instructions for filling out the form online, ensuring a smooth filing process.
Follow the steps to complete the Va Form 802 Fillable online.
- Click the ‘Get Form’ button to obtain the form and open it in the editor.
- Enter your taxpayer information by filling in your name, mailing address, Virginia Insurance Premiums License Tax account number, and Virginia broker’s license number in the spaces provided.
- Check the appropriate box if you have an address change or are filing an amended report.
- For Line 1, enter the gross amount of all premiums, assessments, dues, and fees collected from policies for insureds whose home state is Virginia.
- On Line 2, indicate the amount of premiums written for additional insurance coverage as a result of an insurance rider or rate adjustment.
- Add the amounts from Line 1 and Line 2, and enter the total on Line 3.
- On Line 4, enter the portion of premiums returned to an insured due to a rider, cancellation, or rate adjustment.
- Subtract Line 4 from Line 3, the result goes on Line 5 as the taxable premium amount.
- For Line 6, calculate the Insurance Premiums License Tax liability by multiplying the amount on Line 5 by 2.25 percent.
- Enter the total quarterly Insurance Premiums License Tax amount paid during the year on Line 7.
- If Line 6 is greater than Line 7, subtract Line 7 from Line 6 and enter the amount on Line 8. If Line 7 is greater than Line 6, enter that amount on Line 9.
- Complete Lines 10 through 15 according to the instructions provided, which include fees and penalties for late filing and payment.
- Finally, sign and date your report, then save your completed form. You can download, print, or share it as needed.
Start completing your Virginia Surplus Lines Broker’s Annual Reconciliation Tax Report online today!
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Get answers to your most pressing questions about US Legal Forms API.
What is a license tax Virginia?
Virginia Tax has been charged with the administration and collection of premiums license tax forms and payments. This tax is imposed on all insurers and surplus lines brokers that are licensed in this Commonwealth by the State Corporation Commission's Bureau of Insurance.
What is Virginia Form 760IP?
You are required to pay 90% of your Virginia tax liability to avoid the extension penalty. You can make a Virginia extension payment with Form 760IP, or pay electronically using VATAX Online Services: .individual.tax.virginia.gov.
What is the deadline for filing Virginia income tax?
The Virginia State Tax Filing deadline remains May 1st. If you have a tax due the state will not charge any penalty until after June 1st. However, interest will still apply. If you do not have a tax due you will receive an automatic 6 month extension.
What is the tax extension penalty in Virginia?
The extension penalty is assessed on the balance of tax due with the return at a rate of 2% per month or part of a month, from the original due date until the date the return is filed. The maximum penalty is 12% of the tax due.
What is the Virginia tax extension form?
Form 760IP, Automatic Extension Payment, is a payment coupon and worksheet that provides taxpayers who are unable to file their individual income tax return by May 1 a means of calculating and remitting a payment to avoid penalty and interest.
What is VA 6 tax form?
Form VA-6 - Employer's Annual or Final Summary of Virginia Income Tax Withheld Return.
How much does it cost to file surplus lines in Virginia?
Surplus lines tax: 2.25%, (except workers' compensation) payable by broker.
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