- 4 - bond was written. Premiums were paid by cash, by check, in person, or by mail. Each premium payment received was recorded in an accounts receivable ledger that was maintained by client name and included the date and amount of the payment and the client’s account balance. A receipt was issued to each client who made a bond premium payment. To assure payment, Carter Bonding sought cosigners for the bonds and pursued litigation to recover the unpaid fees. Sams terminated Sullivan’s employment with Carter Bonding in 1996. On January 3, 1997, Sams sent a letter to Sullivan demanding the return of Carter Bonding’s books and records. Sullivan’s employment with Carter Bonding resumed in the middle of 1999. Carter Bonding filed Monthly Professional Bondsman Reports with the Oklahoma Insurance Department in 1994 and 1995, reflecting the total amount of the bond premiums that Carter Bonding charged to its clients during each monthly reporting period. On the reports filed with the Oklahoma Insurance Department, Carter Bonding reported total premiums of $140,520 in 1994 and $164,885 in 1995. Carter Bonding employed an accountant to prepare its Federal income tax returns. The accountant reported gross receipts based on the bank deposits of Carter Bonding. Carter Bonding reported gross receipts of $75,565 on its 1994 Federal income tax return.Page: Previous 1 2 3 4 5 6 7 Next
Last modified: May 25, 2011