Do you owe tax to the State of Florida?      Is the Florida Department of Revenue auditing any tax issues?

Contact us for a free tax consultation. We are one of Florida’s most experienced and veteran tax firms that the principles have been practice in the State of Florida since 1982.

We handle all area of the tax audit and settlement.

What Is Taxable on Insurance Premiums?

Tax is due on:

Insurance premiums.
Premiums for title insurance.
Assessments, including membership fees, policy fees, and gross deposits received from subscribers to reciprocal or interinsurance agreements.
Annuity premiums or considerations.
Gross underwriting profit on wet marine and transportation insurance.

Additionally:

Insurers must pay a regulatory assessment on fire insurance policies issued and insuring property in Florida.
Insurers selling property insurance in Florida must pay an excise tax levied by participating Florida municipalities and fire districts for a firefighters’ pension trust fund.
Insurers selling casualty insurance in Florida must pay an excise tax levied by participating Florida municipalities for a police officers’ retirement trust fund.

The premium/underwriting profit taxes, excise taxes, and regulatory assessment must be reported on Form DR-908, Insurance Premium Taxes and Fees Return.
Reporting and Paying Taxes

Taxpayers must file Form DR-908 yearly by March 1 and pay quarterly installments (Form DR-907). Installments are due on April 15, June 15, and October 15 of each year. Final payment of tax due for the year must be made at the time the taxpayer files the return (DR-908) for the year.

If the State of Florida is hounding you call us today.