Get the free Estimated Retaliatory Tax OFM-4 - Department of Financial Services - dfs ny

RETURNS TO BE MAILED TO: New York State Department of Financial Services Attn: Office of Financial Management One Commerce Plaza Albany, New York 12257 Payment is due on or before December 15th of

How to fill out estimated retaliatory tax ofm-4

How to fill out estimated retaliatory tax (OFM-4)?

1. Gather the necessary information: Before filling out the OFM-4 form, you will need certain information handy. This includes your business's name, address, federal Employer Identification Number (EIN), and your gross direct premiums written for the preceding calendar year.
2. Download the form: Visit the official website of the tax authority that requires the OFM-4 form. Look for the form and download it to your computer for convenience.
3. Review the instructions: The OFM-4 form usually comes with detailed instructions. Take the time to read and understand them thoroughly. This will help you navigate through the form and ensure accurate completion.
4. Enter business details: Start by providing your business's name, address, and EIN in the designated sections of the form. Double-check these details for accuracy.
5. Report direct premiums written: On the OFM-4 form, you will find a section dedicated to reporting your gross direct premiums written for the preceding calendar year. Carefully enter the correct amount in this section.
6. Determine the retaliatory tax amount: After reporting your direct premiums written, you may need to calculate the retaliatory tax. The instructions accompanying the form will guide you through the calculation process. Be sure to follow them carefully.
7. Enter the retaliatory tax amount: Once you have determined the amount of retaliatory tax, enter it in the appropriate section on the OFM-4 form.
8. Verify and sign: Before submitting the form, review all the information you have entered to ensure its accuracy. Once you are satisfied with the details, sign the form to certify its authenticity.

Who needs the estimated retaliatory tax OFM-4?

1. Insurance companies operating in states with retaliatory tax laws: The OFM-4 form is typically required of insurance companies operating in states where retaliatory tax laws apply. These laws aim to equalize or balance the tax burden imposed on insurance companies based in other states.
2. Companies with direct premiums written: The OFM-4 form is specifically for companies that have direct premiums written during the preceding calendar year. If your business is engaged in insurance activities, particularly collecting premiums, you may be required to fill out this form.
3. Businesses complying with regulatory requirements: Filing the OFM-4 form is essential for businesses that need to meet regulatory requirements set by the respective tax authority. Non-compliance may lead to penalties or legal complications.

Remember, it is always recommended to consult with a tax professional or reach out to the relevant tax authority directly for any specific questions related to the OFM-4 form or retaliatory tax obligations.

For pdfFiller’s FAQs

What is estimated retaliatory tax ofm-4?

The estimated retaliatory tax ofm-4 is a tax that insurance companies are required to pay based on certain calculations.

Who is required to file estimated retaliatory tax ofm-4?

Insurance companies that operate in multiple states are typically required to file estimated retaliatory tax ofm-4.

How to fill out estimated retaliatory tax ofm-4?

To fill out estimated retaliatory tax ofm-4, insurance companies need to calculate the tax owed based on specific criteria and submit the necessary forms to the appropriate authorities.

What is the purpose of estimated retaliatory tax ofm-4?

The purpose of estimated retaliatory tax ofm-4 is to ensure that insurance companies are paying their fair share of taxes when operating in multiple states.

What information must be reported on estimated retaliatory tax ofm-4?

Insurance companies must report their total income, deductions, and other financial information relevant to the calculation of the tax on estimated retaliatory tax ofm-4.

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