Instructions For Form Rct-124 - Domestic And Foreign Marine Insurance Tax Report printable pdf download

General Information for RCT-124

RCT-124-I (1-15)

Page 1 of 6

NEW FOR 2014

The penalty imposed for failure to file timely reports is now a minimum of $500, regardless of the determined tax liability, plus an addition-

al 1 percent of any determined tax liability over $25,000.

REMINDER

• All payments of $1,000 or more must be made electronically.

• Use only whole dollars when preparing tax reports.

• Taxpayers may request a 60 day extension to file this report by filing REV 426.

NOTE: The automatic PA extension provided by Act 52 of 2013 to those with valid federal extensions DOES NOT apply to this tax.

• Revenue ID: A corporation’s Revenue ID is a unique 10-digit number assigned by the department to a taxpayer, separate from any

federally issued identification number(s) or Pennsylvania license number(s).

• RCT-124 is available as a fill-in form on the department’s website at Use ONLY the most current, non-year-

specific tax form and instructions for filing ALL years. If an amended report must be filed, taxpayers must use the most

current, non-year-specific tax form, completing all sections of the form. REV-1175, Schedule AR (explanation for

amending), must be included when filing an amended report.

• One extension coupon (REV-426) will be used for all specialty taxes. The coupons and the tax report will no longer be mailed. These

forms are available as fill-in documents on the department’s website at The REV-423 and REV-426 coupons

can be filed electronically through e-TIDES at However, electronic filing of the tax report is not available.

The report should be completed using the computer-based fill-in form, printed and submitted by mail to the department. The form

can be saved electronically for your records.

Annual Report Checklist: Make sure you include the following to file your annual report properly and completely:

• Negative amounts must be written using a minus sign preceding the number. Do not use parentheses.

• Complete RCT-124, Domestic and Foreign Marine Insurance Tax Report

• Copy of the Pennsylvania Business Page and Schedule T of the annual report filed with the PA Insurance Department

• Corporate officer’s signature on Page 1 and preparer’s signature and PTIN on Page 2 (if applicable)

Imposition, Base and Rate

This tax is imposed under the Act of May 13, 1927, (P.L. 998, No. 486) at the rate of 5 percent on marine insurance companies’ underwrit-

ing profits attributable to Pennsylvania business transactions.

Revenue ID, Federal Employer Identification Number (FEIN), Parent Corporation FEIN, Name and Address

The Revenue ID number, FEIN, name and complete mailing address must be provided. If the taxpayer is a subsidiary of a corporation, the

parent corporation’s FEIN must be provided. Also provide the telephone number and email address of the taxpayer.

Tax Year

Enter month, day and year (MM DD YYYY) for the tax year beginning and year (YY) for the tax year end.

Report Due Date

This report is due on June 1 for the preceding year ended Dec. 31. If June 1 falls on a Saturday, Sunday or holiday, the report is due the

next business day. The penalty imposed for failure to file timely reports is now a minimum of $500, regardless of the determined tax

liability, plus an additional 1 percent of any determined tax liability over $25,000.

Address Change

Enter “Y” in the block on Page 1 if the address of the corporation has changed from prior tax periods. The current mailing address should

be reflected on the report.

Correspondence to Preparer

Enter “Y” in the block on Page 1 if all correspondence (notices and requests for additional information) is to be sent to the preparer’s address.

If “Y” is entered, the address recorded on Page 2 will be used.

Amended Report

Enter “Y” in the block on Page 1 if you are filing an amended report to add, delete or adjust information. Provide documentation to support

all changes being made. An amended report should only be filed if an original report was filed previously for the same period.

An amended report must be filed within three years of the filed date of the original report. The department may adjust the tax originally

reported based on information from the amended report. The taxpayer must consent to extend the assessment period. If the amended report

is timely filed and the taxpayer consented to extend the assessment period, the time period in which to assess tax will be the greater of

three years from the filed date of the original report or one year from the filed date of the amended report.

Regardless of the tax year being amended, taxpayers must use the most current non-year-specific tax form, completing all sections of the

report. This includes those sections originally filed and those sections being amended. All tax liabilities should be recorded on Page 1.

Taxpayers must check the Amended Report check box on Page 1 and include Schedule AR, REV-1175, with the report.

First Report

Enter “Y” in the block on Page 1 if this is the taxpayer’s first PA underwriting profits tax filing.

Instructions For Form Rct-124 - Domestic And Foreign Marine Insurance Tax Report

Related Articles

Related forms

Related Categories