Premium Insurance Tax Advisory and Compliance Services
Even as the economic recovery gathers steam, the insurance industry continues to experience lagging profitability due to recent catastrophe losses, low interest rates, and other factors. At the same time, state and local tax authorities are increasing their demands and scrutiny. Given these challenges, your premium tax compliance function needs to be more responsive, efficient, and effective than ever. Yet the reality for many insurance companies is that:
- Turnover and generational "brain drain" are leaving tax departments understaffed and ill-equipped.
- Other tax compliance and regulatory demands are quickly growing.
- Budget cuts are stretching the remaining tax planning and compliance resources even thinner.
The premium tax burden still must be addressed. And, most challenging of all, you still need to find ways to cut costs across the tax department to help boost your company's liquidity.
Premium taxes are growing increasingly complicated. Rates, credits, and other adjustments can change often. Keeping up with these changes can be difficult and not doing so can be costly.
Hundreds of thousands of dollars a year can be potentially lost to incorrect calculations and missed opportunities to take credits and utilize other tax-saving features.
Deloitte can help. We provide national premium tax advisory services – including insurance premium tax consulting and tax compliance filing services.
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