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2007 Insurance Company Quarterly Return for SBT and Retaliatory Tax - michigan

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The document is a form issued by the Michigan Department of Treasury for the 2007 Insurance Company Quarterly Return related to the Single Business Tax (SBT) and Retaliatory Tax. It outlines filing guidelines, due dates for quarterly payments, and instructions for estimating tax liabilities based on previous years' tax data. The form requires information such as business name, NAICS number, FEIN or TR number, and payment details, with specific mailing instructions provided.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can insurance company request tax returns?

Federal law gives insurance companies the right to ask for your federal tax returns. However, some states protect their state-level tax returns from this kind of disclosure. Turning over other forms of financial information will depend on the language in your insurance policy, and in any authorization you sign.

What are the income tax consequences of lapsing a life insurance policy that has been used to generate tax free income?

When a policy lapses, the total policy debt (loans plus unpaid, accrued interest) is considered a distribution to the policyowner. This will result in taxable income to the extent the policy debt, plus any remaining policy cash value, exceeds the cost basis.

What is insurance premium retaliatory tax?

A retaliatory tax One of the schedules in the gross premiums tax return is used for the computation of retaliatory tax, owed when an insurance company is domiciled in another state which imposes higher taxes and fees on a California-domiciled insurer for the same business.

What states have an insurance premium tax?

California, Colorado, Maine, Nevada, South Dakota, West Virginia and Wyoming charge premium taxes on life insurance and annuity contracts. In many of these states, the tax is not charged until the annuity contract has been annuitized.

Is an insurance refund taxable?

Your insurance claim income is probably not taxable. If theres nothing to indicate what the payment is for, its likely that its meant to cover medical expenses and pain and suffering. If this is the case, you dont have to include the amount in your income.

What does premium tax mean in insurance?

INTRODUCTION. WHILE NOT THE MOST VISIBLE OF TAXES, THE. state insurance premium tax is levied on insurance companies by every state, generally as a substitute for the state corporate income tax being imposed on insurance companies.

What is a retaliatory fee?

Retaliatory fee means a fee equal to the fee which a nonresident person would be charged by such persons state of residence if that person were a resident of Iowa making application for a license in that state.

Why do I have to pay back my health insurance tax credit?

If your income is more than what you told us on your application, you may have to repay some or all of the advanced premium tax credits that you got.

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