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We prepare most type of tax returns:

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S Corporation.

C 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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My husband and I had to deal with canceled debt from a Deed in Lieu of Foreclosure on a second home with our 2012 taxes. We never had to deal with this type of tax experience and needless to say, we were fearful. Owing taxes on possible additional income was stressful. We searched for CPA’s as well as info about DILs and how Insolvency worked. When we came across Gary’s website, we were impressed. We found his website 8 months prior to tax season. We kept it as a “Favorite” as we knew we would need to contact him for assistance. When it was time to get a CPA, we called Gary. We felt relieved that we actually had someone that not only understood our concerns but was an expert in this area. He walked us through the process and all the time telling us not to worry. When our taxes were completed, you cannot imagine the relief we had when we actually were able to get a refund.

Gary is a dedicated professional and attentive to his clients. We love the virtual office as it is convenient during tax time and he’s fees were fair and affordable when you consider the depth of work accomplished on our taxes!

We’ve already started recommending Gary to others. We are so blessed and grateful for all that Gary did to assist with our taxes.

 

Patty and Tim, Fredericksburg, VA

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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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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.

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