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 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

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.

Pay Your CPA

Enter $ Below
Other Amount:
Your Email Address:

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.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>