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The Certified Professional Employer Organization Surety Bond is in place to ensure the Principal on the bond (the CPEO) pays any tax liabilities accrued by under Subtitle C - Employment Taxes of the Internal Revenue Code (IRC). The Principal also remains liable under Section 6501 and Section 6502 of the IRC for any taxable period occurring during the term of the Bond.
The U.S. Department of the Treasury, Internal Revenue Service (IRS) certifies PEOs and requires a surety bond to be posted in pursuant to Section 7705, Title 26 U.S. Code. The named Obligee on the bond is the United States of America.
CPEO Bonds are continuous and remain in effect from the effective date until canceled. The bond may be canceled with a 90 day written notice from the Surety to the Principal (the CPEO) and the Obligee (U.S. Department of the Treasury, Internal Revenue Service). The notice of cancellation shall state the reason(s) the Bond will be canceled. It is likely that variations in business volume each year will require a different bond amount than the prior year, in which case the IRS asks for a strengthening bond or a superseding bond to be issued. In other words, the bond amount may need to be increased or reduced through a surety rider or the issuance of a new bond.
Contact The ProSure Group. As surety bond experts in business for over 23 years, The ProSure Group has issued hundreds of PEO bonds and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
What you will need to submit in order to obtain IRS certification:
|Tax||Certified Professional Employer Organization Bond||U.S. Department of the Treasury, Internal Revenue Service