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.

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Form 5472 CPA accountant discusses US filing requirements | IRS tax Form 1120 | US Corporation Tax Return

IRS tax Form 5472 CPA accountant. 1120. US Corporation tax return.

Having trouble with IRS tax Form 1120 or Form 5472? Consider calling us for a free phone consult at (910) 399-2705.

As a CPA tax preparer for C Corporations, I run into Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, while dealing with Form 1120, US Corporation Tax Return. My virtual office allows me to specialize in foreign corporations and American expatriate tax issues. Here’s the FAQs on Form 5472.

Does IRS tax Form 5472 require ID numbers for the foreign person?

Yes, the foreign person needs a reference ID number.

Can I e-file Form 5472?

Yes, just e-file it with your C Corporation’s Form 1120, US Corporation Tax Return.

Can I prepare Form 5472 myself?

Sure. The IRS estimates Form 5472 takes over 24 hours a year to prepare – ouch! Plus it’s complicated. Preparing it yourself implies you’re preparing the C Corporation’s tax Form 1120 too. While I encourage self tax preparation when appropriate, Form 1120 and Form 5472 deserve CPA attention.

What triggers Form 5472 on Form 1120? US Corporation Tax Return?

Lines 7 of Schedule K on page three of Form 1120, US Corporation Tax Return. Schedule G is required as well.

What’s the penalty for late filing of IRS tax Form 5472?

$10,000. The IRS now focuses on foreign transactions, so penalty abatement is less likely.

What help is available for Form 5472?

  • IRS instructions.
  • Tax software. But some programs don’t handle Form 5472.

I’m a virtual CPA that deals with US Corporation Tax Returns and Form 5472. Note I handle IRS tax Form 5471 as well. (910) 399-2705.

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