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We prepare most type of tax returns:

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S Corporation.

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Amended.

Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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Client Testimonials

I became totally and permanently disabled after a working for 44 years. I returned to college late in life (while working full-time) to fulfill my dream of becoming an RN and at that time found it necessary to secure student loans. Three years after being declared totally and permanently disabled my student loans were discharged. In January 2013 we received a 1099-C form declaring said student loans that were discharged however that amount could be considered as income for 2012. This was a large amount of money and we live on two pensions and social security income.

I started looking on the internet for information regarding 1099-C and felt that this was something that we could not handle alone. I made phone calls locally to a very reputable tax group in a city near us and they said it would cost $500 for an appointment and that they really prefer to do corporate taxes and they referred me to a local person who had worked for them at one time, we called and explained the situation and an appointment was made and then the comment was made that "I will have to do some research on this" and flags immediately went up and we called back and cancelled that appointment. I had been researching the IRSwebsite and every place else I could think of and I was not comfortable doing our own taxes this year. We called another local tax preparer that we had used in the past and made an appointment, however prior to the appointment, while still seeking information regarding our situation,

I came across a website for Gary l. Bode, MSA, CPA, PC in Wilmington, NC. I called Mr. Bodeand explained our situation and asked if he could help. He spoke very knowledgeably regarding the situation and stated that yes; he felt he could help us. As Mr. Bode was in North Carolina and we were in New York I scanned all of our documents including back-up documents for all of our claims and forwarded all to him. Mr. Bode kept in touch with us via email; we have spoken on the telephone several times and have become very comfortable with his knowledge and professionalism. Also, as I am a true "worrier" I have continued looking into information regarding our tax situation and I came upon another web page for Mr. Bode that included testimonials which spoke of his experience with this type of tax situation as it became prevalent during the recession. This reinforced in our minds that we had made the right decision in hiring this person as our tax preparer.

I share all of this as our taxes are now ready to be filed (we do owe tax for 2012 but not the astronomical figure we thought we were facing), and we are confident that they have been prepared with the utmost care by a gentleman who has an excellent working knowledge of the situation we faced and the tax laws that were applicable to said situation.

 

Bill and Carol

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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Wilmington NC Accountant and CPA comments on Construction Bonds

An accountant in Wilmington NC discusses construction bonds

Lots of financial discipline and expense go into that first Bond!

As a construction accountant, my experience is that bonding comes up a bit late in the game, once a potential job is basically forfeited because of it.

“Because it takes a lot of preparation to obtain that first Bond, even if you are bondable.”
Gary Bode, CPA
Construction Accountant, Wilmington NC

I’ve worked as a controller for a residential builder, and as a staff accountant for a specialty contractor. Here in wonderful Wilmington NC, we see contractors fade away as cash flow and other problems thin the pack. But the contractors who prosper usually have to break through the Bond barrier. Because of the increased profitability and more plentiful jobs that lay beyond it.

The Expense

The surety company’s requirements are sometimes seen as arbitrary and intrusive, with accounting related hurdles. Percentage of Completion basis financial statements are usually required, at least at some dollar amount of bond. Which is not the way most contractors keep their books.  And, this is not the down and dirty POC construction accounting required for your license. It has to be true Percentage of Completion Financial Statements that can pass a Review by an independent accountant.

Converting Completed Contract accounting to Percentage of Completion financial statements isn’t really that difficult, especially if good job costing records are kept. After all, it’s the same pie, just split differently. So that’s not the main expense.  The main monetary cost of bonding, worse even than the bond fee, is having the Percentage of Completion accounting reviewed, or even audited, by an independent accountant.

The Discipline

The main issue preparing for bonding is the discipline to retain Working Capital over time. This is rough in any business, much less contracting where cash flow is everything. Balancing today’s needs against expanded future profitability, via bonded jobs, is a good trick, especially in a recession.

The Reason

So, if Completed Contract accounting is good enough for tax preparation, why are Percentage of Completion basis financial statements required for bonding?  Because the surety company is interested in your Balance Sheet as an indication of ongoing financial viability. Which is essentially what they’re insuring. This is different than dealing with the NC Board for your license, which only concerns working capital, at a specific point in time.  While smaller bonds may use your financial data for just last year, larger bonds require strong Financial Statements for a period of years.  It takes time.

We’re a Wilmington NC CPA firm with extensive construction accounting experience.  Including Completed Contract and Percentage of Completion basis tax preparation.  If you need a free consult on this or any accounting issue, please call us at (910) 399-2705.

Of course, we have clients in multiple States and in other parts of NC.  Through phone calls, E Mails, faxes, Skype and web portals, client proximity is less an issue.  So we may be able to offer you services despite the fact you’re not in the greater Wilmington NC area. 

2 comments to Wilmington NC Accountant and CPA comments on Construction Bonds

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