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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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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Form 1120-S CPA discusses Form 2553 | S Corporation election

Even Form 1120-S CPAs sometimes have problems with the IRS processing of Form 2253, the election to become an S Corporation. We’ve mailed Form 2553 before filing the first Form 1120-S. We’ve filed Form 2553 with the first Form 1120-S. But in 2012 we’re still having to occasionally clarify Form 2553 processing after the tax season, even when working with a specific IRS Agent. We’ve never had a Form 1120-S refused, but we’ve put some extra work into providing Form 2553 documentation to the IRS. And for the record, we invoke the correct Revenue Procedure, get it properly signed and dated, file it on time etc.

The consequences of not filing, or the IRS not efficiently processing Form 2553 include your S Corporation tax return, Form 1120-S, not being accepted by the IRS. Your company is re-classified as a C Corporation. Of course CPAs design tax positioning based on our clients being S Corporations, and much of this strategy is contraindicated with C Corporations. So potential problems with Form 2253 go beyond stress.

Form 2553 turns your C Corporation, the IRS default, into an S Corporation. You only file it once but there are multiple factors to consider:

  • Number of shareholders.
  • Type of shareholders.
  • Classes of stock issuance.
  • Timing factors.
  • Which Revenue Procedure to invoke.

“As a Form 1120-S CPA, I call the Form 2553 department of the IRS several times a year. I’d recommend anyone handling their own Form 1120-S tax return and S Corporation election to call them proactively. They actually answer the phone! We’re now calling them to verify they received Form 2553.”
– Gary Bode, S Corporation CPA

So why does Form 2553 cause problems?

Well sometimes folks file them improperly. Again, calling the IRS or letting your Form 1120-S CPA handle Form 2553 takes care of accuracy issues. The other problem, even with a correct Form 2553, is that various systems in the IRS take time to percolate through the system. There is a disconnect between departments.

I’m a Form 1120-S CPA that operates as a S Corporation. So you know I keep on emerging tax issues. Our virtual office allows us to serve your S Corporation wherever it is. For a free phone consult call (910) 399-2705.

 

 

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