Introducing PremaTax Pro Forma.
See the premium tax impact before you make the change.
Model re-domestication, premium shifts, credits, and other tax-planning scenarios using the exact same calculation engine that determines your actual insurance premium
tax liability.
PremaTax Pro Forma creates an isolated copy of your entity’s tax year dataset where you can change assumptions, recalculate the returns, and see the projected tax impact by jurisdiction without affecting your live filing data.
A sandbox environment for modeling different scenarios.
PremaTax Pro Forma creates an isolated environment containing two point-in-time copies of the selected company’s entire dataset for a given tax year: the original and the pro forma.
Inside that scenario, you work with the same premium tax forms, schedules, calculations, credits, and retaliatory tax logic you already use in PremaTax.
Change a variable. Recalculate. Compare the result. Your original dataset is unaffected.
Understand where the change comes from.
A company-wide tax difference is only useful if you can explain it.
PremaTax breaks out the projected tax impact by jurisdiction.
For each state, compare:
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Baseline net tax
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Scenario net tax
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Projected increase or decrease
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Percentage change
The company result is the sum of those jurisdiction-level changes.
So instead of seeing only, “This scenario reduces projected tax by $X,”
you can see which states created that result — and why.
Drill down into the tax drivers.
Investigate further by selecting a jurisdiction to see the components driving the difference between the baseline and forecast.
Depending on the jurisdiction, those drivers can include:
Premium Tax
See how the underlying premium tax changed.
Retaliatory Tax
Identify where a change in domicile, premium, or other assumptions changes the retaliatory position.
Ocean Marine
For applicable P&C business, see ocean marine separately from premium and retaliatory tax.
Credits
See the affect of credits already incorporated into net tax. Change credits to confirm whether retaliatory taxes will negatively the tax savings if taken.
From the comparison, open the state’s return inside the scenario and continue investigating or adjusting the assumptions.
The result is a direct connection between the executive-level tax change and the return calculation that caused it.
Compare the Summary of Taxes side by side.
PremaTax Pro Forma includes a comparison view based on PremaTax’s Summary of Taxes allowing you to review:
Original
The company’s tax position when the scenario was created.
Pro Forma
The recalculated tax position after your scenario changes.
Change
The difference between the two.
You can view the Summary of Taxes side by side or focus only on the differences that matter.
This gives premium tax professionals the underlying detail without the need to create a 50+ jurisdiction workpaper.
Ideal for re-domestication analysis.
Changing domicile can affect far more than the tax calculated in the company’s home state.
Because retaliatory tax compares the burdens imposed by different states, changing domicile can alter the tax result across the company’s broader filing footprint.
With PremaTax Pro Forma, the tax-savings portion of a re-domestication study becomes:
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Create a Pro Forma scenario in PremaTax using your latest premium tax data
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Change state of domicile inside the scenario
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Add information to the Retaliatory Input Schedule of the new home state, if applicable
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Recalculate the returns
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Review premium tax and retaliatory tax changes by state
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Drill into the jurisdictions driving the result
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Export the comparison for review
Instead of trying to reconstruct retaliatory tax consequences in a separate spreadsheet, you can let the underlying returns recalculate the scenario.
