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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 used Gary’s services to file my 2012 income tax return. This was my first year having an accountant do my return, as I have always done it myself using TurboTax. However, this year I had cancelled debt from my old primary residence which I was forced to convert to a rental property after relocating out of state.

While it didn’t cost me anything to do the short sale, the income tax consequence from the cancelled debt, roughly $50,000 in my case, was enough to move me from the 15% tax bracket to the 25% tax bracket.  Needless to say, I was concerned about that.

Finances were already tight and my husband and I are expecting our first child this fall. So the possibility of owing income tax was stressing me out. However, Gary was great at relieving my fears.

He is extremely knowledgeable, answered all my questions and was very thorough. I knew I was in good hands. He kept in constant contact with me throughout the process, keeping me updated on the progress of my return and letting me know what paperwork he needed to complete my filing.

In my mind, best case scenario would have been to not owe any taxes. Second best would be to only owe a little. Well, you can imagine my surprise and delight when Gary told me I was actually due a refund of a little over $2,700.00!

To top it all off, I found Gary’s fee for service to be fair, competitive and affordable; especially given the complexity of this type of return. I am so glad I did not try and go it alone this year. I am extremely pleased with Gary’s service and would recommend him highly to anyone, in fact I already have. If you have cancelled debt from a short sale or foreclosure, don’t freak out. Take a deep breath and call or email Gary. I am grateful I did.

Angie Falke of Holiday, FL

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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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Divorce CPA discusses Form 8332 | differences between Civil Courts and the IRS

Divorce CPA discusses Form 8332

Gary Bode, CPA: proactive attention to tax consequences during divorce makes sense. For a free phone consult call (910) 399-2705.

Civil Courts sometimes set up tax sensitive financial arrangements during divorce that can’t be implemented through the IRS. I think this happens more often with middle and low-income groups. Wealthier folks get pricier attorneys, who then engage a divorce CPA for proactive integration of tax consequences into the divorce settlement. While some of these tax issues lend themselves to post divorce cooperation, surprise surprise, that isn’t always possible. I think it’s better to nail down all the loose ends ASAP to help folks move along with their lives. Loose ends just lead to more civil snivel that only helps the lawyers. Can you tell I’ve been divorced?

Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent, is a good example. Form 8332 allows a non-custodial to claim a child’s exemption and, subsequently the Child Tax Credit. When this isn’t part of the Divorce decree, it’s difficult to get the custodial parent to sign it. Here’s part of the problem. The exemption looks like it’s worth $3800 (expected in 2012). But this is $3800 of gross income. The actual cash value, depending on your marginal federal tax rate, might only be $540. But I’ve seen folks swallow that $3800 figure and fight hard for it.

Form 8332 can’t be used to claim the Dependent Care tax credit. Yet Accounting Today featured an article where the parents ended back in Civil Court because the intent of the Divorce decree simply couldn’t be achieved through the IRS, legally at least. The intent was for the parents to split child care expenses. But of course, only the custodial parent could use the Dependent Care tax credit. The decision? Civil Court upheld the financial arrangement despite the tax consequences favoring the custodial parent, probably by thousands of dollars per year.

I’m a divorce CPA with a virtual office to serve clients and attorneys beyond my Wilmington NC based offices. Please click the Divorce category in the drop down box in the right sidebar to read my other divorce postings. Sometimes proactive attention to tax details during divorce really matters. For a free phone consult please call (910) 399-2705.

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