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We prepare most type of tax returns:


S Corporation.

C Corporation.




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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

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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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Offer in Compromise CPA discusses IRS Form 433-B and Form 656

Form 433-B discussed by CPA Wilmington NC

Gary Bode, CPA: If you’re a company, Form 433-B is required to submit an Offer in Compromise. If you’d like a free initial phone consult, please call 399-2705.

Offer in Compromise CPAs prepare Form 433-B, Collection Information Statement for Businesses, for Corporations, Partnerships and LLCs as an attachment to IRS Form 656.

Hi, I’m Gary Bode, a Form 656 CPA with a virtual office to handle your Offer in Compromise, regardless of where you live. The IRS recently relaxed Offer in Compromise qualifications as part of their Fresh Start program. Sometimes, you can pay “pennies on the dollar” to satisfy back taxes. A required attachment is Form 433-B, which presents the IRS with your company’s version of its current financial condition and future earning potential.

Here are links to earlier posts:

Directions for Form 433-B to supplement Form 656

Essentially there are none. Form 433-B is considered self-explanatory. Here are the only IRS instructions, a single paragraph in their 656-B, which explains an Offer in Compromise and includes Form 433-B and Form 656.

Fill out the Form 433-B(OIC) if your business is a Corporation, Partnership, Limited Liability Company (LLC) classified as a corporation, single member LLC, or other multi-owner/multi-member LLC. This will be used to calculate an appropriate offer amount based on your business assets, income, expenses, and future earning potential. If you have assets that are used to produce income (for example, a tow truck used in your business for towing vehicles), you may be allowed to exempt the equity in these assets.

Some rules of thumb include for Form 433-B preparation:

  • Make sure there are no gaps on Form 433-B. Enter zeros or N/A as appropriate.
  • Remember the IRS audits Form 433-B. Falsifying information would negate an Offer in Compromise.
  • Carefully explain anything that’s not a standard component of an Offer in Compromise.
  • Proactively provide supplemental documentation to support components of Form 433-B.
  • CPAs recognize round numbers as estimating. Take the time to get an accurate figure.
  • Current Financial Statements shouldn’t be used as a substitute for Form 433-B.

There are Different Ways to tell an Accurate Story for an Offer in Compromise

There is some wiggle room on Form 433-B. With enough time, it may be possible to proactively structure the company’s future condition to tell a different story. Think about an Offer in Compromise like a chess game and plan four moves ahead.

Does the IRS provide more information on Income Producing Assets?

Yes, in IRM

What are “Distrainable Assets” mentioned at the end of Form 433-B?

Distrainable assets is doublespeak for business assets the IRS can seize to pay off outstanding business tax liability.

We’re an Offer in Compromise CPA firm that deals with Form 656 and Form 433-B. We offer a free initial phone consult at (910) 399-2705 .

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