Premium Tax Reporting Moves to Electronic Format
The Florida Department of Revenue is moving forward with rulemaking that will require insurers to submit premium tax returns electronically. The new electronic system will be in place by the time returns are due in 2011, although insurers will be able to request waivers if they are unable to comply.
The Department of Revenue has responded to a concern from insurers about the potential for data entry errors arising from the electronic reporting of information in supporting schedules, such as the police and firefighters’ pension fund schedules. DOR is adding an upload feature to the reporting format that will allow insurers to provide the schedules in attachments rather than having to manually key in the data.
Insurers are encouraged to review the new electronic format before the returns are due to familiarize themselves with the new process. We are advised that some elements of the reporting system, such as the file upload feature, are expected to be available in January.