Form 800C 2018 Underpayment of Virginia Estimated Insurance Premiums License Tax - Virginia

Form 800C is a Virginia Department of Taxation form also known as the "Underpayment Of Virginia Estimated Insurance Premiums License Tax". The latest edition of the form was released in May 1, 2018 and is available for digital filing.

Download an up-to-date Form 800C in PDF-format down below or look it up on the Virginia Department of Taxation Forms website.

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2018 Underpayment of
Form 800C
*VA800C118888*
VA Department of Taxation
Virginia Estimated Insurance
P.O. Box 26179
Premiums License Tax
Richmond, VA 23260-6179
Company Name
FEIN
Address
NAIC/License #
City, State, and ZIP Code
State of Domicile as of 12/31/2018
PART I – HOW TO COMPUTE THE UNDERPAYMENT
By completing Lines 1 through 8, a company can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the
minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment.
1. Insurance Premiums License Tax reduced by allowable nonrefundable and refundable credits from Schedule 800CR ..... 1.
2. 90% of Line 1 (Round to no more than four decimal places). .............................................................................................. 2.
Due Dates of Installments
(a)
(b)
(c)
(d)
Due Dates of Estimated Payments
April 15, 2018
June 15, 2018
Sept. 15, 2018
Dec. 15, 2018
3. Enter 25% of Line 2 in Columns (a) through (d) ........................
4. Amounts paid or credited for each period..................................
5. Reserved for future use .............................................................
6. Overpayment of previous installment ........................................
7. Total. Add Lines 4 and 6 ............................................................
8. Underpayment (or overpayment). Subtract Line 3 from Line 7.
An overpayment of an installment in Line 8 that is in excess of all prior underpayments should be applied as a credit against the next installment.
PART II – EXCEPTIONS TO THE ADDITIONAL CHARGE
NOTE: IF YOU MEET ANY OF THE EXCEPTIONS THAT AVOID
THE ADDITION TO THE TAX, COMPLETE LINES 9 THROUGH 12.
9. Total amount paid or credited from the beginning of the taxable
(a)
(b)
(c)
(d)
year through the installment dates that correspond to the 15th
day of the 4th, 6th, 9th, and 12th months of your taxable year .
25% of tax
50% of tax
75% of tax
100% of tax
10. Exception 1, Prior year’s tax ......................................................
25% of tax
50% of tax
75% of tax
100% of tax
11. Exception 2, Tax on prior year’s income based on the facts shown
on prior year’s return, but using current year’s rates. ................
22.50% of tax
45% of tax
67.50% of tax
90% of tax
12. Exception 3, Tax on annualized income. Enclose computation
There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the company made the minimum
payment determined under any of the exceptions set forth in the instructions.
PART III – COMPUTATION OF THE ADDITIONAL CHARGE
If an underpayment of estimated tax is shown in Line 8, above, for an installment and an exception is not applicable, the additional charge should be
computed by completing the portion(s) of this schedule that are applicable to the installment(s).
(a)
(b)
(c)
(d)
Due Dates of Estimated Payments
April 15, 2018
June 15, 2018
Sept. 15, 2018
Dec. 15, 2018
13. Amount of underpayment from Line 8 .......................................
14. Enter the date of payment or March 1, 2019, whichever is
earlier
15. Number of days from due date of installment to the date shown
on Line 14 ..................................................................................
16. Additional charge (Rate of interest established in IRC § 6621,
plus 2%, times the amount on Line 13 for the number of days
shown on Line 15). See instructions..........................................
17. Add Columns (a) through (d), Line 16. Enter the amount on Schedule 800ADJ, Section C, Line 11 and enclose this form.
A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent that such payment
exceeds the amount of the installment as computed in Line 3. If the company made more than one payment for a given installment, enclose a schedule
showing a separate computation for each payment.
Va. Dept. of Taxation 2616003-W Rev. 05/18
2018 Underpayment of
Form 800C
*VA800C118888*
VA Department of Taxation
Virginia Estimated Insurance
P.O. Box 26179
Premiums License Tax
Richmond, VA 23260-6179
Company Name
FEIN
Address
NAIC/License #
City, State, and ZIP Code
State of Domicile as of 12/31/2018
PART I – HOW TO COMPUTE THE UNDERPAYMENT
By completing Lines 1 through 8, a company can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the
minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment.
1. Insurance Premiums License Tax reduced by allowable nonrefundable and refundable credits from Schedule 800CR ..... 1.
2. 90% of Line 1 (Round to no more than four decimal places). .............................................................................................. 2.
Due Dates of Installments
(a)
(b)
(c)
(d)
Due Dates of Estimated Payments
April 15, 2018
June 15, 2018
Sept. 15, 2018
Dec. 15, 2018
3. Enter 25% of Line 2 in Columns (a) through (d) ........................
4. Amounts paid or credited for each period..................................
5. Reserved for future use .............................................................
6. Overpayment of previous installment ........................................
7. Total. Add Lines 4 and 6 ............................................................
8. Underpayment (or overpayment). Subtract Line 3 from Line 7.
An overpayment of an installment in Line 8 that is in excess of all prior underpayments should be applied as a credit against the next installment.
PART II – EXCEPTIONS TO THE ADDITIONAL CHARGE
NOTE: IF YOU MEET ANY OF THE EXCEPTIONS THAT AVOID
THE ADDITION TO THE TAX, COMPLETE LINES 9 THROUGH 12.
9. Total amount paid or credited from the beginning of the taxable
(a)
(b)
(c)
(d)
year through the installment dates that correspond to the 15th
day of the 4th, 6th, 9th, and 12th months of your taxable year .
25% of tax
50% of tax
75% of tax
100% of tax
10. Exception 1, Prior year’s tax ......................................................
25% of tax
50% of tax
75% of tax
100% of tax
11. Exception 2, Tax on prior year’s income based on the facts shown
on prior year’s return, but using current year’s rates. ................
22.50% of tax
45% of tax
67.50% of tax
90% of tax
12. Exception 3, Tax on annualized income. Enclose computation
There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the company made the minimum
payment determined under any of the exceptions set forth in the instructions.
PART III – COMPUTATION OF THE ADDITIONAL CHARGE
If an underpayment of estimated tax is shown in Line 8, above, for an installment and an exception is not applicable, the additional charge should be
computed by completing the portion(s) of this schedule that are applicable to the installment(s).
(a)
(b)
(c)
(d)
Due Dates of Estimated Payments
April 15, 2018
June 15, 2018
Sept. 15, 2018
Dec. 15, 2018
13. Amount of underpayment from Line 8 .......................................
14. Enter the date of payment or March 1, 2019, whichever is
earlier
15. Number of days from due date of installment to the date shown
on Line 14 ..................................................................................
16. Additional charge (Rate of interest established in IRC § 6621,
plus 2%, times the amount on Line 13 for the number of days
shown on Line 15). See instructions..........................................
17. Add Columns (a) through (d), Line 16. Enter the amount on Schedule 800ADJ, Section C, Line 11 and enclose this form.
A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent that such payment
exceeds the amount of the installment as computed in Line 3. If the company made more than one payment for a given installment, enclose a schedule
showing a separate computation for each payment.
Va. Dept. of Taxation 2616003-W Rev. 05/18
Instructions for 2018 Form 800C,
Underpayment of Virginia Estimated Insurance Premiums License Tax
Purpose of Form
The exceptions to the additional charge are:
Line 10—Exception 1, Prior year’s tax—Generally, this
Form 800C is used by a company to determine whether
exception applies if the company paid an amount equal to or
they paid enough estimated insurance premiums license
more than the tax shown on its Taxable Year 2017 return for
tax, whether they are subject to the addition to the tax for
the previous year. However, the company must have filed a
underpayment of estimated insurance premiums license tax,
tax return showing a tax liability for the preceding taxable year
and, if so, the amount of the addition. Estimated insurance
and that year must have consisted of 12 months.
premiums license tax is a company’s expected insurance
premiums license tax liability minus its credits. An insurance
Line 11—Exception 2, Tax on prior year’s income using
company must make estimated tax payments if it reasonably
current year’s rates—Generally, this exception applies if
expects its tax liability to exceed $3,000 for such taxable year.
the amount the company paid is equal to or more than the
tax figured by using the current year’s rates using the facts
How to Use This Form
shown on the prior year’s return and the law that applies to
the prior year. Your prior year’s return does not have to show
Complete Part I of Form 800C to find out if you have an
a tax liability.
underpayment for any of the 4 payment periods. If you have
Line 12—Exception 3, Tax on annualized income—This
an underpayment on Line 8 (Column a, b, c, or d), go to Part
exception applies if the estimated tax paid was equal to or
II, Exceptions to the Additional Charge. If you do not meet
more than 90% of the amount the company would owe if
any of the exceptions for a payment period, go to Part III,
estimated tax was figured on annualized taxable income for
Computation of the Additional Charge. If you are using Form
the months preceding an installment date.
800C either to figure the additional charge or to show that
you qualify for any exception, enclose Form 800C with your
A company may annualize its income as follows:
Insurance Premiums License Tax Return, Form 800.
(a) For the first 3 months if the installment was required
to be paid in the 4th month.
Amended Return
(b) For the first 3 months or for the first 5 months if the
If an amended Form 800 is filed, there is no adjustment
installment was required to be paid in the 6th month.
allowed to the amount of any addition to tax previously
(c) For the first 6 months or for the first 8 months if the
computed and paid.
installment was required to be paid in the 9th month.
For additional information, call (804) 404-4163 or write to
(d) For the first 9 months or for the first 11 months if the
the Department of Taxation, P.O. Box 26179, Richmond,
installment was required to be paid in the 12th month.
VA 23260-6179. You can obtain most Virginia income tax
forms at www.tax.virginia.gov.
To annualize, multiply taxable income for the period by 12
and divide the result by the number of months in the period
Part I — How to Compute the Underpayment
(3, 5, 6, 8, 9, or 11, as the case may be). Round to no more
than 4 decimal places. Please enclose your computation.
Complete Lines 1 through 8 in Part I. The instructions for
Part III — Computation of the Additional Charge
most of these lines are on the form itself. If Line 8 shows an
underpayment, complete Part II to see if any of the exceptions
If no exception applies, complete Lines 13 through 17 to
apply. Round to no more than 4 decimal places.
determine the amount of the additional charge. The charge is
figured for the period of underpayment at the underpayment
Part II — Exceptions to the Additional Charge
rate determined under of the Internal Revenue Code § 6621,
plus 2%. Round to no more than 4 decimal places.
You will not have to pay an additional charge if all of your tax
payments (Part II, Line 9) were made on time and are equal
to or more than any one of the amounts figured as explained
by the exceptions (Lines 10, 11, and 12) for the same payment
period (Column a, b, c, or d). Round to no more than 4 decimal
places.

Download Form 800C 2018 Underpayment of Virginia Estimated Insurance Premiums License Tax - Virginia

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