What is a New Mexico Taxable Fuel Bond?
The New Mexico Taxable Fuel Bond is a surety bond providing high assurance that all taxable fuel registrants will comply with all their tax obligations due to the government with regards to the activities of selling, mixing, and distributing fuel as mandated under 26 U.S. Code 6151.
This bond safeguards the State of New Mexico and the public from fuel vendors who deceitfully conduct themselves, engage in fraudulent activities, or attempt to evade paying their taxes including fines and penalties.
Why do you need the New Mexico Taxable Fuel Bond?
You need the New Mexico Taxable Fuel Bond because your business is important to you. You want to be viewed as a business owner who knows how to protect not just clients but the public in general. The bond is a sure feather on your cap which other entrepreneurs in the industry may not possess thereby making you an absolute stand-out.
The bond likewise depicts you as a responsible business owner who thinks of the community it operates, thus, making you appealing to potential customers. With this bond, existing clients and prospective patrons will look at you as an individual of dependability, credibility, consistency, and respectability. Through the bond, you will wear that image of propriety and competence assuring you a good ranking among your peers within the industry.
More details about the New Mexico Taxable Fuel Bond
The bond must be –
- Viewed as a public liability commitment to the US government;
- Considered a responsibility of principal and interest which are assured by the American government;
- Must be accomplished by a surety company registered with the Department of Treasury Circular 570 as a legal and respectable surety of federal bonds; and
- Seen as adequate by New Mexico District Director.
What is the cost of a New Mexico Taxable Fuel Bond?
The amount of the bond must be in an amount determined by New Mexico District Director, taking into account the registrant’s financial capabilities, tax history, and expected liability.
How do I get a Taxable Fuel Bond?
The Taxable Fuel Bond is easy to obtain. Be sure to choose a legitimate and professional surety agency and call ASAP! A knowledgeable surety practitioner can readily provide you the answers you need and the solution to whatever concerns and issues you have in the operation of your business.