Walk-in services at all DRS branch office locations remain suspended. Email DRS at drs@po.state.ct.us. Email the Priority One Taxpayer Assistance Program: DRSPriorityOne_CollectionsAssist@po.state.ct.us. Please check our Frequently Asked Questions page.

TSSN-17

Special Notice on Foreign and Domestic
Insurance Companies Tax


The new tax law affects the estimated payments of these types of companies in the following manner. It requires that four (4) estimated tax payments a year be paid as follows:
15th day of 3rd month 30% of total tax
15th day of 6th month an aggregate of 70% of total tax
15th day of 9th month an aggregate of 80% of total tax
15th day of 12th month an aggregate of 100% of total tax

Domestic insurance companies are required to file a declaration if their tax liability for the preceding income year exceeded $1,000 even if their tax liability for the current year is $1,000 or less.

If the estimated tax paid is less than the actual tax liability, interest will be payable on the amount of the underpayment. If the amount of the underpayment is more than 10% of the actual tax liability, a penalty of 10% or $50, whichever is greater, will be imposed.

NOTE - For calendar year companies, the first estimated tax payment for calendar year 1989 only must be paid by April 15, 1989.

These changes are effective for tax years beginning on or after January 1, 1989.


TSSN-17 (NEW 3/89)