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.

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

Client Testimonials

When my business partner and I found ourselves in a land investment that was abandoned by the developers, we had no reasonable economic choice but to walk away from our mortgage loan.  While we understood that there would likely be tax consequences, the magnitude of our exposure was not fully anticipated.  Thankfully, Mr. Bode was able to work with us to strategize a defensible tax position and mitigate the tax implications of our investment loan abandonment.  I would recommend that anyone facing an investment loss that has tax implications due to debt forgiveness give Gary a call.  It is always best to fully understand the circumstances and the tax rules and related options before paying a hefty bill.  Thanks Gary!

Brian D. - CPA

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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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Form 1099-R CPA discusses TIGTA Report Claiming Under Taxation of Retirement Income

Form 1099-A CPA wilmington nc

Gary Bode, CPA: Forms 1099-A and 1099-C have similar functions. For a free phone consult, please call (910) 399-2705.

TIGTA, Treasury Inspector General for Tax Administration, just released a report that would puzzle most CPAs that deal with Form 1099-R. The report states that in 2007, the IRS’ Automated Underreporter Program assessed additional taxes of $607.5 Million on 217,811 tax returns, secondary to problems with Form 1099-R. And the IRS suspects $Billions more under reported taxes exist.

Why would a Form 1099-R CPA find this study odd?

  • It came out in 2012, four tax years later. I think the IRS does a remarkable job, given its mission and resources, but the lag of four entire tax years seems slow.
  • Most problems Form 1099-R CPAs see? Folks paying taxes twice on the same income!

Are you Paying Taxes on the Same Income Twice?

Form 1099-R reports a variety of retirement plan distributions. Some retirement plans, like Roth IRAs for example, are funded by after tax dollars. But since the contributions were made long ago, and probably changed custodians multiple times, the 1099-R is sometimes wrong, or at least ambiguous, e.g. the taxable amount not determined box is checked. I think Form 1099-R CPAs always question how much distribution is taxable.

TIGTA recommended changes to Form 1099-R, and IRS sounds skeptical about them.

It pays to monitor your retirement funds, reconcile them annually and keep all records. Doing so may be the only way to avoid paying taxes twice on the same income. For a free consult with a Form 1099-R CPA, call (910) 399-2705.

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