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What is a taxable fuel bond?

A taxable fuel bond is required by all fuel owners for as long as their license is active. This type of bond presents a promise that if the licensee does not pay taxes owed, the underwriting company will be responsible to do so in lieu. The obligee and surety are both present because they work together to make this agreement possible – without one it would fall apart!

In the event a fuel seller does not comply with industry regulations, they may be required to purchase bonds that will protect them from paying back any damage done. They would have to reimburse their surety in return for protection and assure compliance with state regulations.

A fuel bond is a document that guarantees the seller of taxable motor fuels has paid their taxes. A gas station may require this to be given before they will let you pump your own gas or sell an individual some gasoline in bulk. The name differs depending on which state it was purchased in, but usually includes “bond,” “fuel tax” and sometimes even IFTA (International Fuel Tax Agreement) since these bonds are used by many different countries for various reasons).

Need a Florida – Fuel Tax – Diesel Fuel Bond?

Swiftbonds is the leading provider of fuel tax bonds in Florida. We have been providing this service for years and are experts in the field. Our team will work with you to find the best solution for your needs, whether it be a single transaction or an ongoing program.

Swiftbonds is here to help with your bonding needs. We offer competitive rates and we can get you bonded in as little as 24 hours! Contact us today for more information on how we can help you meet your bonding requirements.

Get started today by filling out our contact form here!

Why do I need a taxable fuel bond?

Fuel suppliers are required to post a taxable fuel bond which guarantees the payment of all taxes owed to the United States government by a date determined in advance. For this reason, it is important for these companies and their affiliates (suppliers, importers etc) to be monitored closely so that they do not escape paying what they owe; an unexpected penalty could have major repercussions on both them as well as other businesses downstream from them. Here's Alachua County, FL – Game and Fishing License Sub Agent Bond.

How much does a fuel bond cost?

Fuel bonds provide an alternative to traditional prepayment methods, such as withholding taxes and penalty assessments. They are administered by the IRS under section 4041[a][1] of Federal Tax Regulations. The cost is dependent on financial capability, tax history and expected liability; however there is no cap set in regulations for the maximum amount that can be charged per gallon of fuel purchased with a bond (4081).

The cost of this bond will never be more than an amount equal to the following: 

the expected tax liability for a representative 6-month period, the expected tax liability during one month by someone other than terminal operators who are gasohol blenders.

When you're ready to apply for a bond, the surety company will underwrite your application and assess how risky it is. You'll need to submit details about yourself such as credit information and business financials so that we can understand who may owe money on this bond in case something happens. See a Florida – Agricultural Products Dealer Bond.

What is the fine print of this bond?

The IRS has a list of approved surety companies for issuing taxable fuel bonds. If the company is on this list, they can write these types of bonds without any problems whatsoever at all and renew them every year if need be. The only time that it will end would be when there's some type of notification sent to our Chief Excise Tax Program 60 days in advance before shutting down their business entirely. Find a Florida – Fuel Tax – Importers Bond.

Can I get a Florida – Fuel Tax – Diesel Fuel Bond with bad credit?

Swiftbonds offers a wide-range of approvals, regardless of credit history or bad credit. One key factor in our success is that we are able to work with 99% of applicants who have been turned down elsewhere due to their poor financial standing. Our knowledgeable underwriting staff will make sure you get the lowest possible price for your bond no matter what personal circumstances may be preventing you from getting approved for other companies' bonds.

How to get your Florida – Fuel Tax – Diesel Fuel Bond?

Would you like to know the first step in getting your Florida – Fuel Tax – Diesel Fuel Bond? It's super easy! Fill out our quick online application and get a no obligation quote today. Our Underwriters will contact you within an hour of submission, or come chat with them on the phone for help applying. Read a Florida – Adult Congregate Living Facility Bond.

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