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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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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OVDI CPA discusses FATCA Implementation | is the OVDI program a bluff?

OVDI CPA 2012 Wilmington NC discusses FATCA

Gary Bode, CPA: The IRS director is a shrewd poker player. For a free phone consult call (910) 399-2705.

In 2012 the IRS rolled out the third version of OVDI, Offshore Voluntary Disclosure Initiative. OVDI CPAs, like myself, continually speculate on the best way to approach compliance; opt out, soft disclosure, etc. Many clients seem to approach OVDI as a poker game. Read my postings on OVDI to see my continued interest in this program.

But today I want to relay the findings of a Thompson Reuter report on how far FATCA hasn’t come. I’m not advocating any taxpayer to defy the law. OVDI, even with its vagaries, is a good program. I just think the IRS director is a shrewd poker player.

FATCA (Foreign Account Tax Compliance Act) is the “stick” component of the OVDI “carrot and stick” approach. The IRS implies FATCA will catch undisclosed foreign banking transactions. This eventually exposes the taxpayer to higher penalties and even criminal charges if they don’t comply now.

FATCA implementation is set for 2013. But the rules aren’t even finalized yet.

Foreign banks have expressed complaints about their expected compliance costs. Foreign banks have expressed outrage at the US Treasury making demands on them. And, according to the Thompson Reuter’s report, most foreign banks haven’t even set aside a budget for compliance yet. There are foreign banks and there are foreign banks. I think some countries will cave in to IRS demands, some won’t. Some will provide partial information when forced to. Others, hoping to become the new Switzerland or Cayman Islands, may refuse. Some foreign banks won’t have records extending back to OVDI timelines. Some banks may not report transactions beneath some limit.

As a CPA, I keep clients compliant with the tax requirements. I believe the IRS will eventually know the bulk of foreign banking transactions for American taxpayers. But even so, I can’t help notice that what the IRS says it will do isn’t what they can do. And they don’t treat every violation equally; they seem to go after the big fish. I believe they will criminally pursue some violators. But they probably will never get information from some countries. Informational delays are inevitable. In my experience as an OVDI CPA, potential clients treat this cat and mouse game with poker-like evaluations. And the IRS director may be bluffing, at least on this hand.

I’m an OVDI CPA with a remote/virtual office for clients outside my Wilmington NC base. For a free phone consult, please call (910) 399-2705.

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