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Insurance Taxes FAQs
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Frequently asked questions about insurance taxes.
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Yes. You are required to file a return even if you have no Insurance business to report. Check the "No Activity" box at the top of the form if you have no business to report.
It is possible your registration is wrong, or you have changed your license with the Department of Commerce and we have not been notified. Please call the Insurance Taxes Unit at 651-556-3024 so we can update or close your account if needed.
Calculate penalties and interest as follows (see example below):
- Late filing penalty = 5 percent of unpaid tax
- Late payment penalty = 5 percent of unpaid tax (if 1 to 30 days late); 10 percent (if 31 to 60 days late); or 15 percent (if over 60 days late)
- Interest = (tax + penalty) × interest rate × # days late ÷ 365
Example: You file your return 37 days late and owe $1,000 in tax.
Calculate your penalties as follows:
- Late filing penalty = $1,000 × 0.05 = $50
- Late payment penalty = $1,000 × 0.10 = $100
Calculate your interest as follows (assuming the interest rate is 3 percent):
- Interest = ($1,000 + 50 + 100) × 0.03 × 37 ÷ 365 = $3.50
You may correct errors reported on previously filed returns by filing an amended return.
If you receive a correction notice from the Department of Revenue, follow the instructions on how to correct the error.
Yes, if you meet either of these requirements:
- Your total insurance taxes and surcharges equal or greater than $10,000 for the prior fiscal year ending June 30.
- You are required to pay any other Minnesota tax electronically.
Call the Insurance Taxes Unit at 651-556-3024 and provide us with your:
- Minnesota tax ID number
- account number
- routing number
Also have the payment date, amount, method (electronic or check). If your payment was misapplied, we can correct it.
The penalty is 5 percent if your payment is 1 to 30 days late, 10 percent if your payment is 31 to 60 days late, and 15 percent if your payment is over 60 days late.
Not if you agree with the changes we made. But if you disagree, you have the right to file an amended return.
Yes. Contact the auditor assigned to your case to request the additional time. They may ask for the request in writing.
Yes. You may assign a power of attorney (POA) to another person so they can represent you. To do so, complete Form REV184b, Power of Attorney, and send it to the auditor assigned to your case before your POA contacts the auditor.
It should appear on any letter that was sent to you by the Department of Revenue. If you cannot find it, please call us at 651-556-3024.
You can do it through our e-Services system. Or, you can mail your updated information to:
Minnesota Department of Revenue
Mail Station 1780
St. Paul, MN 55146-1780
651-556-3024
Call the Insurance Taxes Unit at 651-556-3024 and we will review your account with you.
