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 :



OVDI CPA discusses FATCA Withholding | Expat CPA tax issues

OVDI CPA Expat CPA FATCA Withholding

Gary Bode, CPA: as the FATCA noose tightens, OVDI CPAs expect to see more applications. (910) 399-2705.

FATCA, Foreign Account Tax Compliance Act, made progress in 2012 with France, Germany, Italy, Spain, and the UK agreeing on key implementation features, including FATCA withholding. Expat CPAs expect another wave of OVDI (Offshore Voluntary Disclosure Initiative) applications as the FATCA noose tightens. Some clients ask which country will be the new Switzerland? The IRS answer? No country. Why? FATCA withholding – see below.

Foreign and American FATCA Withholding Compliance Costs

Beginning in 2014, FATCA withholding phases in with a 30% hold back on US source funds paid to a Foreign Financial Institutions (FFI). The definition of a FFI is broad enough to essentially include all foreign entities including banks, brokers, insurance companies etc. But exceptions exist. The type of funds paid (e.g. interest, rents etc.)is also comprehensive, but CPAs expect further clarification by the IRS. So, while most Internet chatter focuses on the cost of FFI compliance, American companies face reporting and documentation costs too.

Some Countries and FFIs won’t permit FATCA Withholding Compliance

Note that an FFI can enter into an agreement with the IRS to avoid the FATCA withholding requirement. This is analogous to American Subcontractors having to file a W-9 with the contracting company. Why? If they don’t, the contracting company has to withhold 30% of the Subcontractor’s pay. And then report it to the IRS and transfer the 30% to the Department of the Treasury. So, even if a FFI refuses to honor FATCA, the American source has to withhold, report and transfer the 30%. Expat CPAs expect few FFIs to refuse entering into such an agreement. The IRS further tightens any loophole by stating an FFI should ask the “US person” to waive the secrecy rights of the host country. If the US person declines, the FFI is expected to close the account.

Required Documentation for FATCA Withholding

W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, and/or Form W-9, Request for Taxpayer Identification Number and Certification.

OVDI

As the FATCA noose tightens, OVDI CPAs expect to see more applications. The IRS has had great success with OVDI. Every OVDI CPA will tell you to follow the tax laws. The IRS maintains future compliance is its goal, not retroactive punishment. So, soft disclosure is still advocated by some advisors. But criminal charges are possible for nondisclosure.

I’m an OVDI CPA with a virtual office to serve Expats. Of course I handle other expat tax issues too. I prepare Form 5471, FBAR, Form 2555, Form 8938,Form 1116 etc. For a free phone consult 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>