Illinois Financial Responsibility Tax Bond
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How much does an Illinois financial responsibility bond cost?
The Illinois financial responsibility tax bond costs $100 annually for bond amounts less than $5,000. If your required tax bond amount is more than $5,000, your personal premium will be provided after a quick application review.
How do you get your Illinois financial responsibility bond?
You can purchase your Illinois financial responsibility bond online 24/7. You'll need to provide the following information for Department of Revenue filing approval.
- tax bond type
- company name
- address
- line of business
Once your payment is processed, your official Illinois surety bond will be emailed to you instantly.
How fast can I get a financial responsibility tax bond?
SuretyBonds.com offers instant Illinois financial responsibility tax bond delivery 24/7. Purchase now to receive your official state tax surety bond delivered in minutes by email.
What is an Illinois financial responsibility bond?
Illinois Compiled Statute 35 ILCS 505 requires companies file a surety bond before they can complete their registration to be licensed as the following.
- cigarette distributor
- cigarette machine operator
- direct wine shopper
- liquor airline
- liquor distributor
- motor fuel distributor
- motor fuel supplier
- motor fuel receiver
- tobacco products distributor
State form REG-4-A is officially titled the “Financial Responsibility Bond” but is also known as the “IFTA bond” or “tax bond.” This bond specifically requires business taxpayers pay all tax amounts due to the Department of Revenue according to state law.
How does an Illinois financial responsibility tax bond work?
You need to file surety bond form REG-4-A as a guarantee you'll pay your taxes according to state law. By filing this bond you and your surety company have an obligation to pay the appropriate taxes to the Illinois Department of Revenue based on sales generated by motor fuel or other tax generating revenue. If you fail to pay your owed taxes appropriately, your issuing surety company will pay valid claims to the DOR up to your full bond amount, which you must reimburse.
Who regulates tax and IFTA payments in Illinois?
The Illinois Department of Revenue enforces tax collections in the state, including this tax bond requirement. You can contact the DOR by calling 1(217)782-3336 or by emailing [email protected]. If you need help determining your tax bond amount, contact the DOR before purchasing your bond.
The Illinois Department of Revenue requires this bond to ensure tax payments for cigarette, liquor, tobacco, and motor fuel products. The DOR enforces a separate Illinois liquor gallonage tax bond for liquor gallonage tax license applicants.
What does IFTA stand for?
“IFTA” stands for “International Fuel Tax Agreement.” If you have an active IFTA in place, you might need this Illinois financial responsibility bond to guarantee tax payments as a motor fuel distributor, supplier, or receiver in the state.
How do I update or change my financial responsibility tax bond?
If the Illinois Department of Revenue requires your tax bond to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name or address to match your business license or other tax filing paperwork.
How do I renew my Illinois financial responsibility tax bond?
You must renew your Illinois financial responsibility surety bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to you to keep your bond active to ensure your tax payments remain current.
Have Questions?
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