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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IRS Notice CP504 CPA discusses IRS Liens and Levies | Back Taxes

IRS Notice CP504 IRS lien IRS levy back taxes

An IRS Notice CP504 is serious. Take some immediate action to avoid an IRS tax lien and subsequent seizure of your assets. (910) 399-2705.

IRS Notice CP504 CPAs recognize 504 as the last stop before an IRS tax lien, shortly followed by a levy (seizure of your assets) or garnishment of wages. At the very least, a federal tax lien kills your credit. In my experience, Clients receive Notice CP504 because they have un-filed back taxes. But the IRS doesn’t really expect to collect the amount they’re demanding on Notice CP504. Preparing and filing correct back tax returns cuts the tax bill:

  • The actual amount of tax due drops.
  • Some penalties disappear.
  • Sometimes filing back taxes results in a refund – strange but true.

I’ll provide some tips I’ve learned over the years along with an example of how an IRS Notice CP504 CPA might approach your case.

Here’s some tips I’ve learned as back tax CPA:

  • Don’t allow the IRS to use a “substitute” tax return prepared by them. Why? The IRS prepares the substitute return using information they have on file, most of which is income related like Form 1099-MISC. They don’t factor in legitimate deductions and credits.
  • By the time CP504 arrives, they’ve already sent a string of CP Notices to grab your intention. They want you to file a correct tax return now. Here’s our earlier post on Back Taxes.
  • Don’t assume the IRS is correct. But if they are and you can’t pay the back tax immediately, you have a few options:

“The long sequence of IRS Notices is deceiving. Up through Notice CP504, they seem like all rattle and no strike. But that’s about to change. “
– Gary Bode, IRS Notice CP504 CPA and tax accountant

Variations on a Theme

Sometimes there is a Letter 1058 which threatens a federal tax lien. Sometimes the IRS just sends Form 668(Y), Notice of Federal Tax Lien. Here’s our post on Form 668(Y). They can and will levy (seize) certain assets and sell them to satisfy the lien. At fire sale prices. This is not your best option.

How a CPA Works a Back Tax or Taxes Due Case with Notice CP504

  • CPAs get a limited Power of Attorney, allowing the IRS and your State to speak with us. This helps take the stress off a Client.
  • A CPA writes to the IRS and your State requesting a delay in the collection process to help us prepare your case. Generally the IRS is generous about the timeline.
  • CPAs listen carefully to your side of the story. The IRS isn’t always right. But they assume they’re correct and you have to prove otherwise.
  • CPAs review the IRS Notices, look up your IRS transcripts and review documentation to evaluate the IRS evidence against you.
  • CPAs prepare back tax returns if required. Amazingly, this can actually generate an IRS refund.
  • CPAs prepare amended returns if appropriate.
  • CPAs consider the concomitant State implications. The IRS mght be polite by comparison.
  • Notice CP504 is still part of the IRS Automated Collection Service. While it may appear to you there’s an agent working your case, CP 504 is still all computer generated. CPAs will get an agent assigned when appropriate. Notice CP504 arrives late in the game, so having an Agent is helpful.  Liens are stressful and expensive.
  • CPAs will try to exclude your assets from the lien, if things progress that far.
  • Once a CPA determines the amount you actually owe to the IRS, we look to see if we can reduce that through an offer in compromise. Ditto with the State. Please see the link above.
  • CPAs look to see if the IRS will put your account into currently un-collectible status.
  • CPAs will help you decide if going to tax court is an option.
  • CPAs will help set up an Installment Agreement with the IRS to payoff your back taxes monthly.
  • Once you’ve satisfied the IRS, we work to release the lien. Here’s our post on Form 12277.
  • CPAs follow-up to insure the IRS actually releases the lien through Form 10916c.

While we’re a CPA Firm in Wilmington NC, we offer a Virtual Office to serve National and International Clients

Distance isn’t an issue. Please read some of our posts to help you gauge our ability. IRS Notice CP504 generally warrants professional consideration. We offer a free initial phone consult on Notice CP504, or any back tax issue. (910) 399-2705.

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