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...
The IRS will obtain a summons to obtain the following information:
- Withdrawals from the agents BUF account
- Total interest accrued on the agents BUF account
- Total Bail Premiums Earned
- Bond Costs Incurred
- BUF Payments made to the surety company
- ...And any other information held by the surety company.
General Audit Issues:
- Tax Treatment of Bond Costs
- Reimbursed Expenses Collateral
- Premium Income
- Income From BUF Accounts
- Gross Income
- Change In Accounting Method
- BUF Payment Deductions
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! Reserve your copy of Uncle Sam's Tax Audit Assistant specifically written for the Bail Bond Industry!Uncle Sam's Tax Audit Assistant, Bail Bond Industry Edition TABLE OF CONTENTS
Chapter 1: Introduction
- Third Party Records 1-1
- Areas of Noncompliance 1-1
Chapter 2: An Overview of the Bail Business
- Types of Licenses 2-1
- Transacting Bail 2-2
- Surety Contracts 2-2
- Subagents 2-3
- State Control 2-1
- Bail Bond Defined 2-1
Chapter 3: Project Initiation
- Screening and Selection Process 3-2
- Identifying the Target Population 3-1
Chapter 4: Nature of Business
- Terminology 4-3
- General Attributes 4-1
- Books and Records 4-1
Chapter 5: Applicable State Laws Chapter 6: Preliminary Audit Steps
- Third Party Sources 6-2
- Required Filing Checks 6-3
- Internal Sources of Information 6-1
- Initial Interview 6-2
Chapter 7: Primary Audit Issues
- Tax Treatment of Bond Costs 7-5
- Reimbursed Expenses 7-3
- Premium Income 7-2
- Income From BUF Accounts 7-1
- Gross Income 7-1
- Collateral 7-3
- Change in Accounting Method 7-6
- BUF Payment Deductions 7-4
Chapter 8: Establishing Fraud
- Understatement of Tax 8-1
- Fraudulent Intent 8-2
