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Bail Bond Industry Edition

Uncle Sam's Tax Audit Assistant, Bail Bond Industry Edition 

Who Will Bail You Out Of Trouble When The IRS Comes For You?

Bail Bond businesses are generally operated on the cash basis method of accounting and are very cash intensive. Bail agents often prefer to collect cash rather than checks, due to the nature of their clientele. Internal Revenue Service Audit Agents have learned that gross receipts are usually 50% to 80% cash. Learn more...

Bail Bond businesses are generally operated on the cash basis method of accounting and are very cash intensive. Bail agents often prefer to collect cash rather than checks, due to the nature of their clientele. Internal Revenue Service Audit Agents have learned that gross receipts are usually 50% to 80% cash. In many states bail agents who write bail, whether acting in their own behalf or for another agent, must be licensed. Thus, the first step for an Internal Revenue Service Audit Agent will be to identify you with a listing from the state licensing agency. The IRS may contact the surety companies most commonly used by bail agents in your district and request information relating to you. If necessary, The IRS will obtain a summons to obtain the following information:

  • Total Bail Premiums Earned
  • Bond Costs Incurred
  • BUF Payments made to the surety company
  • Total interest accrued on the agents BUF account
  • Withdrawals from the agents BUF account
  • …And any other information held by the surety company.

The first indication that there was noncompliance in filing returns was observed by checking the filing records of persons advertising in phone books. Of the names checked during a recent process, almost one third were non-filers. The Internal Revenue Service advises its Auditors (due to the fact that bail bond businesses often have poor business records and because of the degree of noncompliance in this industry) that it is necessary to make use of all internal resources and third party sources of information, whenever possible, in order to have an effective audit. Interviewing the taxpayer will help determine to what extent third-party resources will be needed, since the degree of internal control and the degree of the taxpayer’s involvement in daily activities can be determined in the initial interview.

  • General Audit Issues:

    • Gross Income
    • Income From BUF Accounts
    • Premium Income
    • Reimbursed Expenses Collateral
    • BUF Payment Deductions
    • Tax Treatment of Bond Costs
    • Change In Accounting Method

    Find out NOW exactly what an Internal Revenue Service Audit Agent will be looking for in these areas and how you can prepare in advance to SURVIVE an IRS Audit! 

  • TABLE OF CONTENTS

    • Chapter 1: Introduction
      • Areas of Noncompliance 1-1
        Third Party Records 1-1
    • Chapter 2: An Overview of the Bail Business
      • State Control 2-1
        Bail Bond Defined 2-1
        Types of Licenses 2-1
        Transacting Bail 2-2
        Surety Contracts 2-2
        Subagents 2-3
    • Chapter 3: Project Initiation
      • Identifying the Target Population 3-1
        Screening and Selection Process 3-2
    • Chapter 4: Nature of Business
      • General Attributes 4-1
        Books and Records 4-1
        Terminology 4-3
    • Chapter 5: Applicable State Laws
    • Chapter 6: Preliminary Audit Steps
      • Introduction 6-1
        Internal Sources of Information 6-1
        Third Party Sources 6-2
        Initial Interview 6-2
        Required Filing Checks 6-3
    • Chapter 7: Primary Audit Issues
      • Gross Income 7-1
        Income From BUF Accounts 7-1
        Premium Income 7-2
        Reimbursed Expenses 7-3
        Collateral 7-3
        BUF Payment Deductions 7-4
        Tax Treatment of Bond Costs 7-5
        Change in Accounting Method 7-6
    • Chapter 8: Establishing Fraud
      • Understatement of Tax 8-1
        Fraudulent Intent 8-2
    • Chapter 9: Future Considerations 9-1


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