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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 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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Expat CPA discusses FATCA Timelines and OVDI

Expat CPA discusses OVDI

Gary Bode, CPA: want to play poker with the IRS Commissioner? (910) 399-2705.

Expat CPAs watch FATCA (Foreign Account Tax Compliance Act) developments carefully. Why? Well clients are still pondering when, if ever, to put through an OVDI (Offshore Involuntary Disclosure Initiative). The delayed FATCA implementation, announced this month, should help you decide. But of course, legally, the deadline was yesteryear.

Foreign banks don’t have a great opinion of FATCA because of the:

  • Red tape.
  • Cost
  • Arrogance of the IRS imposing itself in another nation.
  • Client loss.

After all, some of any foreign bank’s appeal to US taxpayers is that the IRS won’t know about your account. The complaint about cost is moot: they’ll just pass it on to their customers. But there  is red tape.

My opinion on Probable OVDI Developments

OVDI CPAs now deal with the third version of the program, which has an indefinite timeline. This October, the IRS announced it’s delaying the start of foreign bank reporting mandates until January 1st 2014. The implication? Foreign banks would report on any accounts existing in 2014 and the IRS could backtrack tax evaders starting in 2015. So my guess is that the OVDI program will close sometime in 2014. But I expect a fourth and more punitive version of OVDI before that. But remember some nations are already compliant, with unknown reporting consequences. Some countries will take more time. The last bank standing probably wins the remaining tax evaders.

FATCA presumably is an extension of the IRS matching revenue program that works so well. Think W-2s, Form 1099-MISC etc. The reporting institution or employer sends a copy of these forms to you and the IRS.

Of course the legal requirement is for expats, dual citizens and maybe Mitt Romney (wink) to report all their foreign bank relationships now. But the obvious strategy for tax evaders is to transfer foreign accounts to a new foreign bank on Jan 1, 2014. Unless FATCA then requires retroactive reporting. Ouch.

OVDI still uses the carrot and stick approach. The carrot is immunity from criminal charges, and a reduced fine, at least compared to what the IRS would do if they caught you for unfiled FBARs or Form 5471s. The stick is FATCA, aka we will catch you eventually. And the IRS played this well. The OVDI revenue, low administration cost and expected future compliance makes OVDI the most profitable and creative IRS program this expat CPA has ever seen.

What’s the saddest OVDI case I’ve seen as a CPA? A young man, born in America, but living overseas with his parents. He opened a no interest checking account at home, where he lives. He paid thousands to the IRS for seven years of $0 net tax liability tax returns. Every OVDI CPA has a story about the unintended consequences of FATCA.

I’m an expat CPA that deals with OVDI. Our virtual office means we can serve you regardless of where you live. I recommend coming clean the IRS while some version of OVDI exists. But when will OVDI end? I think the IRS Commissioner plays poker! For a free consult call (910) 399-2705.

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