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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Click here to watch some of our clients in their video testimonials!

Client Testimonials

We short sold our home in 2014 and were concerned with the repercussions from the cancelled debt. We did a lot of research on the internet and were able to find Gary.  He provided a free consultation and let us know that we should be do.  Due to his expertise, we went from thinking that we would owe a significant amount of money to actually receiving a nice refund.

We would recommend Gary to anyone who finds themselves in a similar situation.  He’s very knowledgeable on the process and explains everything with you once he’s completed your tax forms.

Adam and Robin McNany

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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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LLC CPA discusses Disguised Sales in Partnerships | Form 1065

In a Partnership LLC, Members pool their assets to increase profit. The IRS encourages this. So, a member doesn’t generally have gain or loss when contributing an asset to the LLC. Conversely, LLC distributions to a Member usually have no immediate tax consequences either. Why? Distributions generally return the partner’s capital or guaranteed payments. Note that exceptions exist. Consult with your LLC CPA. This post is a brief overview on a complex topic.

Contributions to the LLC

Note the gain or loss to the Member is deferred, not eliminated.

Disguised Sales

The name implies a devious plan by the Members to fool the IRS. But most times Members just fall into a trap. Members should proactively research transactions between the LLC and themselves. Planning can optimize tax consequences.

A disguised sale occurs when a Member contributes property to the LLC and receives a distribution back within a certain time frame. Several variations exist. These transactions, when considered separately, have deferred tax consequences. But this protection ceases when they’re considered together. And the IRS considers them linked under certain circumstances.

I’m a LLC CPA with a virtual office to accommodate clients outside my local Wilmington NC base. If you don’t have local LLC CPA, or like what you read on the website, consider calling (910) 399-2705 for a free phone consult.

 

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