We Prepare Tax Returns!

We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

Amended.

Client Video Testimonials

Click here to watch some of our clients in their video testimonials!

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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ExPat CPA warns that the IRS can detain you at Customs | Form 5471 | Expatriate Tax Returns

ExPat CPA discusses Form 5471, Form 12277, Form 10916(c) and Customs issues

Gary Bode, CPA: the long arm of the IRS just got  scary. (910) 399-2705.

Expat CPAs warn their expatriate Clients that Customs can detain them, on behalf of the IRS, if they have unpaid tax assessments. The Department of Homeland Security taps into an IRS database as they check your passport. Detainment is most likely if you don’t live in the US. I wonder if there’s an equivalent to the Miranda statement; you have the right to an Expat CPA? Maybe I can get a TV series?

I prepare expatriate tax returns so I stay current on expat tax trends. An article in the August 2012 Journal of Accountancy inspired this post but I also looked at the underlying IRS regs.

I think all Expat CPAs get clients who are/were unaware of their US tax obligations:

  • For example let’s say you had a foreign corporation but failed to file Form 5471.
  • The IRS obtained some document showing you had income, perhaps from a FATCA probe at your foreign bank.
  • They assume  all of the income is taxable.
  • They don’t have an accurate address because you’re out of the country.
  • So the IRS proceeds with their collection process that culminates in a tax lien. You travel to the US and get detained at Customs. T
  • Then you can’t travel outside the US until the IRS issues are resolved.

Customs and Immigration Enforcement can ask about what assets you have in the US, your vehicle registration information and US employment information. Why? To ascertain what assets they can seize, or what wages they can garnish to satisfy the tax lien. Generally an IRS Agent follows up on the case. But that’s good news as the Agent can expedite resolution, see below.

Tax liens take time to resolve, meaning your trip the US could be extended. In the example above, your ExPat CPA would prepare Form 5471, which could result in no taxes due. Why? The IRS probably had only income information which they assumed was all taxable. Form 5471 presents the deductions and tax credits. So this an example where something trivial turns into a major problem. Here’s a few posts to help understand the process:

Moral of the story? At least keep the IRS updated on your non US address. Typically your ExPat CPA could have kept you in compliance. In this example, filing Form 5471, a common exptriate tax return, would have prevented the problem.

I’m an ExPat CPA with a virtual office. Call for a free phone consult (910) 399-2705.

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