You decide to pay the premium for your loved one’s bail in cash, but their bail is set at $100,000 after being arrested for a felony DUI. Bail agents at All American Bail Bonds in Santa Clarita have explained what happens next.
The premium will be $10,000 or over if your loved one’s bail is set at $100,000 or higher because premium is 10 percent of the total bail amount.
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business will have to be filed by All American Bail Bonds in Santa Clarita to the Internal Revenue Service, or IRS, if the $10,000 is paid in cash from one person.
“To combat money laundering and to avoid potential civil and criminal penalties, information in Form 8300 provides valuable information to the IRS and the Financial Crimes Enforcement Network, or FinCEN,” said Inessa Chavez, vice president of All American Bail Bonds in Santa Clarita. “The law requires any business that receives a cash payment of over $10,000 to the federal government.”
Many individuals who participate in various criminal activities, ranging from tax evasion to terrorist financing to drug dealing, to hide the proceeds from their illegal activities use money laundering.
All American Bail Bonds in Santa Clarita will need to provide each person whose name is required to be included in the Form 8300 a written statement by Jan. 31 of the year following the transaction in addition to filing Form 8300 with the IRS.
Included in the statement must be:
- The name, address, contact person and telephone number of All American Bail Bonds, who is filing Form 8300.
- A statement that All American Bail Bonds provided this information to the IRS.
- The accumulated amount of cash All American Bail Bonds reported to the IRS.
Form 8300 must be filed by All American Bail Bonds in Santa Clarita no more than 15 days after the transaction occurs.
Failure to file a timely and correct Form 8300 will result in a penalty of $100.
Following 2012, an adjustment to the penalties for inflation will be made every five years.
“With Us You Are Never Alone”
All American Bail Bonds
23360 W. Valencia Blvd. #E
Santa Clarita, CA 91355
Call Toll Free: 888-755-2245
24 hours a day — 7 days a week
If loved one in custody and they wish to talk to an All American Bail Bonds representative call:
818-990-0003 or 661-267-6777