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

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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 advice on Schedule K-1 of IRS Tax Form 1041 and NC A101 | Estate and Trust Tax

CPA WIlmington NC IRS Form 1041 tax preparation

Gary Bode, CPA: please consider calling us at (910) 399-2705 if you'd like a free initial consult with a Wilmington NC CPA Firm that prepares IRS Form 1041

IRS tax Form 1041 and NC A101 are the Income Tax returns for Estates and Trusts.  After Form 1041 tax preparation is complete, a Schedule K-1 is sent to both the IRS and beneficiary.  The Schedule K-1 has 14 main lines of information that report the beneficiary’s share of Estate or Trust income, deductions, gains and losses.  These 14 lines of information then flow into the beneficiary’s personal tax Form 1040 and NC D400.  Of course, the IRS cross correlates Form 1041’s Schedule K-1 with the beneficiary’s Form 1040!

In my experience, the Fiduciary usually has a firm grasp on the raw components of the Estate or Trust.  But the IRS requires splitting and recombining these components in odd ways that make them difficult to reconcile. The CPA should explain the completed tax Form 1041 to the Fiduciary such that they understand exactly what went where.  The Fiduciary usually has to explain the Schedule K-1 to the beneficiary, so they should understand the two step transformation from the raw components of the Estate or Trust, for the tax year, into Form 1041 and Schedule K-1s. 

Preparation of IRS Form 1041 is complex, with multiple schedules and over 40 pages of instructions.  Most tax preparation software doesn’t even support the associated NC A101. If you find that self preparation of Form 1041 / NC A101 and Schedules K-1 becomes daunting, please consider calling us at (910) 399-2705.  We’re a Wilmington NC CPA Firm that believes that just tax preparation accuracy is only part of our service.  We offer a friendly mix of tax expertise and customer service. 

Overview of Schedule K-1s

Schedule K-1 is not unique to IRS Form 1041 for Estates and Trusts.  IRS tax Form 1065 for Partnerships, IRS Form 1120 for C Corporations, and Form 1120S for S Corporation also use Schedule K-1s to report Partnership and Corporate allocations to Partners, Shareholders and the IRS.  NC uses their versions too on tax Form CD401S, Form CD405 and Form D403.  All Schedule K-1s have things in common.  It identifies the issuing entity by name, address and Employer Identification Number (EIN).  It identifies the recipient by name and Social Security number.  Line 1 reports the recipient’s share of ordinary income or loss.  All include an entire page explaining the various codes used.

If you would like a free initial consult, please consider calling us at (910) 399-2705.  We are a Wilmington NC CPA accounting firm serving the greater Southeastern NC area, including New Hanover, Brunswick, and Pender counties.

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