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.

Pay Your CPA

Enter $ Below



Other Amount:



Your Email Address :



OVDI CPA comments on Quiet Disclosures | Expat tax CPA issues

OVDI CPA quiet disclosure

Four years into the OVDI program, the IRS begins to pursue taxpayers who circumvented OVDI through Quiet Disclosures. (910) 399-2705.

OVDI CPAs field questions about Quiet Disclosures almost daily. Hi, I’m Gary Bode, an Expat CPA with a virtual office to help with Form 5471, FBAR, Form 2555 and OVDI (Offshore Voluntary Disclosure Initiative) applications. What’s a Quiet Disclosure? It’s where a tax payer quietly amends back tax returns to include previously undisclosed foreign income, instead of going through the OVDI program, in hopes of avoiding the IRS penalty.

OVDI Quiet Disclosure is a typical IRS carrot and stick story

  • OVDI offers taxpayers with foreign bank accounts and/or foreign income to come clean to the IRS. They pay a modest penalty, in exchange for amnesty from criminal charges, and, a promise of future compliance. The program still exists but the penalty is higher. A nice carrot.
  • The IRS threatened the FATCA program would eventually force other country’s banks to disclose American account holders. A nebulous stick both in substance and timeline.
  • Simultaneously the IRS began to play hard ball by enforcing penalties they used to automatically abate.
  • Instead going through OVDI, many frightened taxpayers elected to amend prior returns to include undeclared foreign income. This became known as a soft or Quiet Disclosure.
  • Internet chatter built a myriad of unfounded tales speculating on if, when and how the IRS would pursue Quiet Disclosures.
  • Now, years later, the IRS is prosecuting folks who used Quiet Disclosures. This delayed timeline is typical.

IRS Capabilities

I’ve never heard an Expat CPA say the IRS couldn’t catch Quiet Disclosures. The question was always whether the IRS would pursue them and under what circumstance. As a sidebar, 2013 budget cuts to the IRS may mean fewer audits. Balance that with the IRS’s vastly improved automated Correspondence Audits.

A “new” 2013 GAO study on 2009 OVDI

The GAO (Government Accountability Office) states in a 2013 report that 39,000 OVDI cases in 2009 netted the IRS $5.5% Billion in back taxes and penalties. Now the GAO recommends the IRS pursue Quiet Disclosures.

“What the IRS should do, what the IRS wants to do, what the IRS can do and what the IRS will do are four different issues. And rightly so.” 
– Gary Bode, OVDI CPA and expat tax accountant

Will the IRS pursue Quiet Disclosures?

  • It seems to me the IRS should pursue Soft Disclosures since 39,000 taxpayers followed the rules and forked over $5.5 Billion.
  • My guess is that the IRS wants to pursue quiet disclosures. I believe the IRS wants to be fair to all taxpayers.
  • I doubt whether the IRS can pursue all known soft disclosures because of its limited resources.
  • I believe the IRS will pursue soft disclosures where they expect to recoup more back tax and penalties than the audit costs.

Find me on Google+

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>