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Important: You must have an active bond to be registered with CTEC

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The document is a guide for obtaining an Income Tax Preparer Bond required for registration with CTEC. It outlines the bond prices, application process, and terms of service provided by FinanGroup / Saavedra Insurance Agency. The bond ensures compliance with California's Tax Preparers Act and protects against damages caused by misrepresentation or unlawful acts by tax preparers.

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How is a surety bond calculated?

Surety companies set rates that generally range from 1% to 15%, depending on the assessed risk. For instance, if someone needs a $50,000 bond and the rate is 3%, the premium would be $1,500. Factors influencing this percentage include the applicants credit score, industry type, and financial history.

How much does it cost to get a $5000 surety bond?

For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.

How much does a $10 000 surety bond cost?

The cost of a surety bond is calculated as a small percentage of the total bond coverage amount typically 0.510%. This means a $10,000 bond policy may cost between $50 and $1,000. For applicants with strong credit, most bond rates are 0.54% of the bond amount.

What is the bond for CTEC?

Tax Preparers are required by The California Tax Education Council (CTEC) to possess a California Tax Preparer Surety Bond for $5,000 before you can be licensed as a California Registered Tax Preparer. With Bonds Express, you are guaranteed pre-approval for a one year $5,000 California Tax Preparer Bond for only $25.

How much does a $7 500 surety bond cost?

$75,000 surety bonds typically cost 0.510% of the bond amount, or $375$7,500. Highly qualified applicants with strong credit might pay just $375 to $750, while an individual with poor credit will receive a higher rate.

How much does a $5000 surety bond cost?

Any federal construction contract valued at $150,000 or more requires surety bonds when a contractor bids or as a condition of contract award. Most state and municipal governments have a similar requirement. Many private owners also elect to require contract surety bonds.

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