Tennessee Surety Bond for Tax Preparation Service Companies
The Internal Revenue Service (IRS) provides tax return preparer applicants with a Preparer Tax Identification Number (PTIN). Anyone who prepares federal tax returns for another person for compensation must have a valid PTIN number.
The IRS requires that tax preparers complete the following:
- Obtain a PTIN
- Complete 15 hours of continuing education on federal tax laws each year
- Renew IRS registration every three years
- Pass a competency exam within three years of the initial registration
The State of Tennessee's Department of Commerce and Insurance requires that the state's Tax Preparation Service Companies also obtain a $500,000 surety bond.
The surety bond guarantees that the tax preparation service company will abide by all the laws the regulations of the state. It also ensures that the company will pay the additional tax liability, penalties or interest imposed onto the taxpayer as a result of an error from the tax preparation service.
What Does This Bond Cost?
The premium you pay for a Tennessee Tax Preparation Service Company Bond depends on your financials. Our low rates start at 1% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
Only two states, Oregon and California, require a specific tax preparer license.
Related Links:
Tax Preparation Service Company Bond FormMore Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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