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 had a 1099-C for about $135,000. My husband didn't have any withholding on Social Security. His employer couldn't withhold due to incompetence. I felt utter dread wash over me. Memories of owing the IRS before were constantly on my mind. I called a local CPA. Besides being clueless, he wanted to charge me for every question I had about insolvency. I looked on line and found little hope of the countless stories of permanently disabled people like myself getting their student loans forgiven only to be asked to pay taxes on it as if it were income.
Somewhere, somehow, I find an article by Gary Bode. I bookmarked it for when it's time to do the actual taxes. With his excellent help in how to do all of this out of a virtual office I get my part of the work done. My questions got answered, for free. I give a retainer, do what I said I did and wait. I hear from Gary. I go into shock! How can this be? Not only do I not owe on the 135,000....Gary itemizes and after paying what was almost nothing in taxes we get $950.00 back! No more hubby doing the taxes online! I will use Gary Bode as long as he will agree to work with me!
It was so easy, no worries, but professional and top notch. I know I have thanked you Gary but I am so grateful. Thank you ever so much again!

Carla Bray

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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