Instructions for Form IB-4A2 Gross Premiums Tax Return - Captive Insurance Companies - North Carolina

This document contains official instructions for Form IB-4A2 , Gross Captive Insurance Companies - a form released and collected by the North Carolina Department of Revenue.

FAQ

Q: What is Form IB-4A2?
A: Form IB-4A2 is a tax return specifically designed for captive insurance companies in North Carolina.

Q: Who needs to file Form IB-4A2?
A: Captive insurance companies operating in North Carolina need to file Form IB-4A2.

Q: What is the purpose of Form IB-4A2?
A: Form IB-4A2 is used to report gross premiums and calculate the gross premiums tax owed by captive insurance companies.

Q: When is Form IB-4A2 due?
A: Form IB-4A2 is due on or before March 15th of each year.

Q: Are there any penalties for late filing of Form IB-4A2?
A: Yes, there are penalties for late filing of Form IB-4A2. It's important to file on time to avoid penalties.

Q: How do I calculate the gross premiums tax?
A: The gross premiums tax is calculated based on a percentage of the captive insurance company's net direct premiums written for the year.

Q: What supporting documentation do I need to include with Form IB-4A2?
A: You may be required to provide supporting documentation such as premium schedules and financial statements.

Q: Is there an electronic filing option available for Form IB-4A2?
A: Yes, captive insurance companies have the option to file Form IB-4A2 electronically if they meet certain criteria.