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 1120-S CPA discusses Tax Court decision that keeps Roth IRAs from being Shareholders in S Corporations

Form 1120-S CPA discusses an S Corporation Tax Court case

Gary Bode, CPA: My firm operates as an S Corporation, so you know I stay on top of developing issues. For a free initial phone consult please call (910) 399-2705.

The Ninth Circuit Court of Appeals upheld a Tax Court case stating that Roth IRAs cannot be shareholders in an S Corporation. While the Ninth Circuit has limited national scope, the west coast, Form 1120-S CPAs worry this decision will eventually become national, perhaps even adding prohibitive wording to the underlying Revenue Ruling 92-73.

Traditional IRAs are specifically mentioned as ineligible to be S Corporation shareholders in Revenue Ruling 92-73. And understandably so, since S Corporations are pass through entities whose profits are taxed currently through their shareholder’s Form 1040. Traditional IRAs defer taxation until retirement. And yes, I understand the differences between a traditional IRA and a Roth IRA. While Revenue Ruling 92-73 precedes the creation of Roth IRAs, and doesn’t specifically mention them, I wouldn’t have advised a client that a Roth IRA should be an S Corporation shareholder. But maybe there was some overwhelming potential advantage for this taxpayer I don’t know about.

Why do Form 1120-S scrutinize Tax Court cases?

Tax Court cases often precede tax regulation changes. They tell us which way the wind is blowing. Sometimes we can proceed with tax strategies before they become regulations, subject to the client’s potential tax savings and risk sensitivity.

We’re a CPA firm with a virtual office to serve long distant clients. And add convenience for our local clients as well. We function as an S Corporation, so you know we stay on top of developing issues. For a free initial phone consult, please call (910) 399-2705.

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