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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.

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Client Testimonials

I had a 1099-C for about $135,000. My husband didn't have any withholding on Social Security. His employer couldn't withhold due to incompetence. I felt utter dread wash over me. Memories of owing the IRS before were constantly on my mind. I called a local CPA. Besides being clueless, he wanted to charge me for every question I had about insolvency. I looked on line and found little hope of the countless stories of permanently disabled people like myself getting their student loans forgiven only to be asked to pay taxes on it as if it were income.
Somewhere, somehow, I find an article by Gary Bode. I bookmarked it for when it's time to do the actual taxes. With his excellent help in how to do all of this out of a virtual office I get my part of the work done. My questions got answered, for free. I give a retainer, do what I said I did and wait. I hear from Gary. I go into shock! How can this be? Not only do I not owe on the 135,000....Gary itemizes and after paying what was almost nothing in taxes we get $950.00 back! No more hubby doing the taxes online! I will use Gary Bode as long as he will agree to work with me!
It was so easy, no worries, but professional and top notch. I know I have thanked you Gary but I am so grateful. Thank you ever so much again!

Carla Bray

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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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ExPat CPA discusses FATCA Report | OVDI 2011 was Partial Bluff

ExPat CPA in Wilmington NC discusses FATCA

Gary Bode, CPA: The IRS amnesty program suceeded using a partial bluff. For a free initial phone consult, please call (910) 399-2705.

This ExPat CPA has heard stories of foreign banks closing out American accounts secondary to the FATCA (Foreign Account Tax Compliance Act) backlash. FATCA requires foreign banks to directly report certain banking information about American accounts to the IRS, or withhold 30% on certain payments. Sort of like the existing IRS policy with American banks and American employers. Even our neighbor Canada politely points out that they don’t care to become an extension of the IRS. Go figure! It may be harder for ExPats to do business in foreign countries where banks smolder under IRS demands.

Foreign banks cite FATCA reporting requirements, even if legal, add costs to their operations. And, there is no question that’s true. American employers, for example, bear the cost of IRS compliance, like producing W-2s and Form 1099s, while the IRS exalts their internal operating efficiency. But these are American companies, not foreign entities. While I applaud efforts to cut tax evasion, I don’t like further alienating foreign powers.

So FATCA derives from well proven IRS domestic strategy. I don’t know how they formulated FATCA, but it seems they should have included ExPats, ExPat CPAs, polls on expected foreign response, etc., during its formulation. Much of the back lash could have been anticipated. Resentment is so high over the FATCA initiative that the IRS has decided to phase it in, an indication that the final version will morph into less than the total compliance desired.

But the bluff worked and you have to admire that. An internal IRS report praised their foreign bank amnesty programs. And rightly so, as it reined in a nice chunk of the secret banking activity. Amnesty programs were the carrot and FATCA was the stick. But the stick was a partial bluff. I have the greatest respect for IRS ability, but it has limited resources. Some foreign countries will certainly not comply with FATCA. Even in America, internal IRS PR promotes an aura of omniscience. This is actually close to the truth, but they lack the resources to bring that power to bear in every case. Sort of like street cops who don’t have time to enforce the seat belt infractions they see every day. There will always be foreign banks that cater to secret accounts for Americans.

We’re an ExPat CPA firm with a virtual office to serve international clients. Please read any of our posts to gauge our expertise and proactive philosophy. We offer a free initial phone consult on any ExPat issue at (910) 399-2705.

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