We Prepare Tax Returns!

We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

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.

Client Video Testimonials

Click here to watch some of our clients in their video testimonials!

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

Free Consult

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.

Pay Your CPA

Enter $ Below
Other Amount:
Your Email Address:

CPA Accountant | the IRS wants to know if you Barter

CPA Wilmington NC discusses barter

Gary Bode, CPA: we work hard to exploit every legal tactic to reduce your tax liability. Need a free consult? Call 399-2705!

Barter is just a natural form of commerce.  Trading goods and/or services without using money remains part of the human condition.  Money is a civilized convention.  And of course, barter can circumvent the IRS by avoiding declaration of otherwise taxable income.  If a tax preparer trades services with a bookkeeper or a CPA accountant, for example, the IRS loses out on taxable income from both parties.

The IRS is explicit about requiring any barter to be included on your tax preparation.  And of course, putting a dollar figure on bartered goods or services can be difficult.  Part of the reason the concept of money came into being. But fair market value at the time of exchange is probably the safe bet.

I don’t recall ever reading about an IRS tax fraud case involving barter.  But the IRS could detect this through basic human greed.  The tax preparer and bookkeeping example would be a hard scenario for them to discover.  But one party may well not claim the income from the bartered transactions but still claim the associated expenses.  This could then show up during a tax audit of that party.

My attitude is that our clients should exploit every loophole and legal tax advantage.  We work hard doing just that, as any of our tax related posts will show.  Illegal activity, like unreported barter, is generally foolish.  I see clients dreading the mailman because of fear over the IRS finding some infraction.  Sometimes for silly, small amounts, too.  Even if you disagree on how the IRS calculates taxes, or how the government spends them, peace of mind is important.

We’re a CPA firm here in Wilmington NC.  But we have a virtual office to serve our national and international clients. We offer tax preparation services, along with financial consulting, QuickBooks training, business consulting, etc.  If you’d like a free initial consult with a CPA tax accountant, please give us a call at (910) 399-2705.

2 comments to CPA Accountant | the IRS wants to know if you Barter

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>