Texas Insurance Tax:
Insurance Tax Electronic Reporting Update

Beginning tax year 2008, taxpayers can submit their insurance premium tax reports electronically. Taxpayers who paid $50,000 or more in premium taxes for the previous tax year are required to electronically file their reports using the Comptroller's Webfile system. The electronic reporting system is available to use voluntarily by all taxpayers submitting premium tax data. This Web-based system also allows taxpayers to submit payment(s) by credit card, electronic check or, if enrolled, via TexNet, the state's electronic funds transfer system. Taxpayers for whom electronic payment is mandatory must use TexNet to make payment.

Taxpayers for whom electronic filing was mandatory for the 2008 tax year will no longer receive a paper report form from the Comptroller's office, whether the taxpayer filed electronically or not. Voluntary electronic filers who report twice using the Webfile system will no longer receive paper forms. We will send an e-mail to the address registered with the Webfile system to remind taxpayers of upcoming tax filing deadlines.

Taxpayers who are subject to mandatory electronic reporting and who fail to report electronically are subject to a 5 percent penalty.

The Webfile system is available 24 hours a day, seven days a week. For additional information regarding Webfile, visit the Comptroller's Window on State Government Web site or call us at (800) 442-3453.

Stay tuned for information regarding the electronic reporting of maintenance taxes.

TAX NEWS - NOVEMBER 2009

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