FILING Review

Related Information

RCT-123 Frequently Asked Questions

  1. Do I need to upload an image of the RCT-123 Report to PSLA?
  2. Where can I find my Corporate Tax Account Id?
  3. Why does the copy uploaded into the PSLA Electronic Filing System (EFS) have to include the 1620 monthly reports when they are already filed in the 1620 section of EFS?
  4. Which year do I report the premium?

Questions concerning the RCT-123 tax report can also be found on the PA Department of Revenue Online Service Center or by calling 717-787-8326. Below are excerpts from the Online Service Center relating to RCT-123.

  • Is this due date the date it is postmarked or the date the Department of Revenue receives the return? Refer to Answer ID 2833.
  • Will the Department of Revenue send the RCT-123 tax report to me? Refer to Answer ID 2834.
  • Do I have to submit an individual RCT-123 tax report for all surplus licensees in our agency and also an RCT-123 tax report for the agency? Refer to Answer ID 2835.
  • Do I need to attach a schedule of cancelled policies since these items have already been netted from the 1620 monthly reports? Refer to Answer ID 2836.
  • Where should I mail my RCT-123 tax report? Refer to Answer ID 2838.
  • Since the total of new premiums returned on cancelled policies have been netted from the 1620 monthly reports and the tax exempt premiums have not been included in the monthly amounts shown on the schedule on page two, what do I enter on lines 2 and 3 of page two of the RCT-123 tax report? Refer to Answer ID 2842.
  • What information do I enter on the Branch Office Schedule on Page 3 of the RCT-123 tax report? Refer to Answer ID 2843.
  • If we had $0 transactions for the entire year of 2011, do we still need to submit the RCT-123 tax report? Refer to Answer ID 2844.
  • What are the penalties for not filing RCT-123 tax report or paying the annual tax on time? Refer to Answer ID 2845.
  • Can we report a negative tax liability on the RCT-123 tax report? Refer to Answer ID 2846.
  • Premiums reported in incorrect year. Refer to Answer ID 2848.

 

1. Do I need to upload an image of the RCT-123 Report to PSLA?

  • Summary information plus an image of all three pages of the Gross Premium Tax Report (RCT-123) and the 1620 Monthly Report attachments must be submitted to PSLA electronically through the Electronic Filing System (EFS).
  • Refer to the chapter titled, “GPT/RCT-123 Annual Tax Report” in the Procedures and Electronic Filing User Manual for more information.

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2. Where can I find my Corporate Tax Account Id?

  • You will need to contact your accountant or tax preparer for this information. You can also contact the PA Department of Revenue, Bureau of Corporation Taxes, by calling 717-787-8326. The PSLA will not have this information available.

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3. Why does the copy uploaded into the PSLA Electronic Filing System (EFS) have to include the 1620 monthly reports when they are already filed in the 1620 section of EFS?

  • PSLA reviews the copy of the RCT-123 tax report sent to the Department of Revenue. The 1620 monthly reports in EFS are a record for the Pennsylvania Insurance Department. Unfortunately, agencies sometimes realize an error in a 1620 monthly report and attach a revised 1620 monthly report to the RCT-123 tax report but fail to revise the 1620 monthly report in the EFS 1620 section.

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4. We had an account in which the state of the insured was incorrect. The account bound effective December 1, 2011; however, we did not receive the binder in our office until December 15, 2011. We then did not find out that the insured’s state should have been in Pennsylvania until January 6, 2012, therefore we did not file this policy under 2011. Will this account be under taxes filed for 2012 or should I enter the policy now into PSLA’s EFS and revise the December 1620 monthly report, before getting our RCT-123 tax report processed?

  • If the transaction was bound in 2011 the filing should be entered into PSLA’s EFS and the December 1620 monthly report should be revised to include the policy. The policy should be included on the 2011 RCT-123 tax report.
  • Also refer to Answer ID 2848 on the Department of Revenue website.

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