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

My husband and I had to deal with canceled debt from a Deed in Lieu of Foreclosure on a second home with our 2012 taxes. We never had to deal with this type of tax experience and needless to say, we were fearful. Owing taxes on possible additional income was stressful. We searched for CPA’s as well as info about DILs and how Insolvency worked. When we came across Gary’s website, we were impressed. We found his website 8 months prior to tax season. We kept it as a “Favorite” as we knew we would need to contact him for assistance. When it was time to get a CPA, we called Gary. We felt relieved that we actually had someone that not only understood our concerns but was an expert in this area. He walked us through the process and all the time telling us not to worry. When our taxes were completed, you cannot imagine the relief we had when we actually were able to get a refund.

Gary is a dedicated professional and attentive to his clients. We love the virtual office as it is convenient during tax time and he’s fees were fair and affordable when you consider the depth of work accomplished on our taxes!

We’ve already started recommending Gary to others. We are so blessed and grateful for all that Gary did to assist with our taxes.

 

Patty and Tim, Fredericksburg, VA

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.

Pay Your CPA

Enter $ Below



Other Amount:



Your Email Address :



LLC CPA discusses LLC Advantages | CPA Wilmington NC

LLC CPA discusses the advantage of LLCs

Gary Bode, CPA: LLCs have plenty of advantages, but the decision should be carefully considered. For a free initial consult, please call 399-2705.

I’ll present the common decision issues I see as a LLC CPA. LLCs are State created legal entities, not an IRS designation. Your LLC has several options on how it gets taxed.

Decision Factors for a Limited Liability Company

  • Type of business; banks, insurance companies and non-profits can’t be LLCs.
  • Number of Members involved; a single owner can be a single Member LLC if desired. A single Member can also elect to have the LLC taxed as a subchapter S or C Corporation. By default, the business tax entity for a LLC with two or more Members is a Partnership. But they can also choose to be taxed as an S or C Corporation.
  • Limited liability for Members; Members want to have their personal assets protected if the company is sued. As the name implies, all Members in a LLC have their individual liability limited to what they’ve invested in the LLC, unless the attorney can “pierce the corporate veil” and then attach to member’s personal assets. Since LLCs are not required to keep Minutes of their meetings, and don’t have to adopt an Operating Agreement, piercing the corporate veil, by reasons of improper management, are harder in a LLC. However illegal acts and fraud strip away any entity’s protective cloak.
  • Taxation; the LLC’s CPA doesn’t want the owners to incur the double taxation inherent in C Corporations. So, he recommended they be taxed as an S Corporation or Partnership. Both of these incur no tax per se. Rather, the profits and losses flow to each Member’s individual Form 1040.
  • Attracting investors; the LLC’s CPA knows they will require additional capital. Partnership LLCs offer more flexibility in attracting investors, because the distribution of profit or losses doesn’t have to be proportionate.
  • Management; both owners want to participate in management, which is automatically allowed in LLCs.

“The type of business structure impacts multiple facets of the company, and should be carefully decided using both current conditions and future plans.”
-Gary Bode, LLC CPA and tax accountant

Traditionally lawyers have set up LLCs, but the NC Secretary of State makes this easy to do. North Carolina law requires that a LLC name contain the words “limited liability company” or the abbreviation “L.L.C.” or “LLC,” or the combination “ltd. liability co.,” “limited liability co.,” or “ltd. liability company.”

We’re a LLC CPA firm in Wilmington NC, but serve a wide geographical base through out virtual office. For a free initial consult with a LLC CPA, please call (910) 399-2705.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>