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 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

Free Consult

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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Form 1065 CPA discusses IRS Form 8283 for Partnerships | 2012

CPA Wilmington NC discusses Form 8283 as an attachment to Form 1065.

Gary Bode CPA: I believe in documenting every aspect of Form 8283. For a free initial phone consult, please call 399-2705.

Form 1065 CPAs use Form 8283, Non-cash Charitable Contributions, when the Partnerships donates non-cash charitable items. Examples of such items include:

  • Conservation Easements; abuse of these gifts by developers, led to a $500 filing fee if the declared easement value is greater than $10,000.
  • Works of Art; here’s a link to our post on IRS valuation of charitable art donations.
  • The present value of the remainder interest ,in a charitable remainder trust, funded with non-cash property. Here’s our post on charitable remainder trusts.
  • Publicly traded securities.
  • Qualified vehicles.
  • LLC interests.

Unique Features of Form 8283

Form 8283 calculates the tax-deductible value for charitable items.  This can be subjective. And the IRS expresses ongoing skepticism over charitable contributions. So, the Partnership must essentially prove every aspect of the donation.

  • Section B, Part II of Form 8283 requires a Partner signature.
  • Section B Part III of Form 8283 requires an appraiser declaration.
  • Section B Part IV of Form 8283 requires a direct acknowledgement of receipt by the donee.
  • A copy of Form 8283 is given to every Partner whose Schedule K-1, from Form 1065, reflects the donation.

Form 1065 CPA Example Documentation for Form 8283

A good CPA looks at Form 8283 from the IRS perspective, to anticipate possible tax audit issues. For a donated vehicle, I would submit:

  • A Summary page of supplemental information attached, including my calculation of donated value.
  • Proof of the original cost.
  • The depreciation schedule for the vehicle.
  • An Internet print out of the blue book value.
  • A statement of receipt from the charitable donee.

Is this Form 8283 documentation overkill? Maybe, but it demonstrates a willingness for transparency and shows professional courtesy to the examining IRS agent.

We’re a CPA firm with a virtual office to serve your Partnership, where ever it’s located.

Please check some of our posts to better gauge our ability and proactive philosophy. We offer a free initial phone consult, for Form 8823 and/or Form 1065, at (910) 399-2705 .

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