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What is a Nevada Sales Tax Bond?
A Nevada sales tax bond is a surety bond that provides a guarantee that a retailer will abide by the state’s laws pertaining to sales tax payments. Any business operating in the state that is required to have a sales tax permit must post a surety bond as well. The Nevada sales tax bond works as an agreement between three parties: the retailer operating in Nevada, or the principal of the bond, the obligee, which is the Nevada Department of Taxation, and the surety bond company providing the bond.
When a Nevada sales tax bond is in place, it ensures that the should a retailer fail to pay sales taxes in a timely fashion, the surety remits payment to the Nevada Department of Taxation if a claim is filed against the retailer. The business then repays the surety for any claims made against them. The Nevada sales tax bond is meant to protect the Department of Taxation in Nevada from companies avoiding their sales tax obligations.
What Does a Nevada Sales Tax Bond Cost?
A Nevada sales tax bond costs a small percentage of the total bond amount required by the state. Each retailer is different in terms of how much of a surety bond it needs. This amount is calculated as three times the business’s average monthly sales tax obligation. Fortunately, the bond rate you pay is a percentage of that amount, typically ranging from 1 to 10%.
The rate you pay for your Nevada sales tax bond also depends on your financial picture. For instance, retailers who have strong credit and a track record of sound financial habits pay less than those who have questionable credit. Each year, your Nevada sales tax bond renews, giving you an opportunity to improve your financial standing to help lower the price you pay for your bond.
How Do I Get a Nevada Sales Tax Bond?
You can begin the process of securing your Nevada sales tax bond by completing a short online application. The surety company needs to review your information, including your credit history, before providing a quote. Once that takes place, you are given specific instructions on how to move forward in getting your Nevada sales tax bond.
Frequently Asked Questions
Apply online, get approved instantly, sign the indemnity agreement, pay on our website and we will send the bond to you.
We have forms on file. If you do not see your bond, you need to obtain the bond form from the obligee (the one requiring the bond).
It is generally based on the business location and dollar amount of sales. You need to determine the bond amount with the specific government department requiring the bond of you.
The type of sales tax bond needed will vary by the type of goods being sold, and the state in which your business operates. It is recommended that you contact your state directly to determine any bond requirements, as these may be modified without notification.