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

Gary,

I would like to thank you for your time in helping me with this issue of tackling the exclusion of my 1099-C income from this years taxes. The Form 982 that the IRS makes you file is very confusing and makes you want to beat you into submission however with your guidance I was able to quickly and easily get through it and on top of that exclude 100% of the cancellation. I will suggest your site and assistance to anyone and everyone.

Sincerely,

Keith, CPA from CT

Keith

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 :



Real Estate CPA discusses Impairments and Write Downs | FASB ASC 360

real estate cpa nc

Gary Bode, CPA: real estate can be impaired and written down under some circumstances. (910) 399-2705.

Real estate CPAs saw more real estate related impairments and write downs during the recession. Hopefully that will change for the 2013 tax season.

“Management should be aware of indications when real estate costs may not be recoverable.” 
– Gary Bode, real estate CPA

Here’s a list of some of these indicators.

Your real estate CPA can help you decide the impairment and subsequent write down. Usually FASB ASC 360 governs the calculations.

  • Decreased Fair Market Value.
  • Excessive unsold property on the Balance Sheet.
  • Loss of tenants or requests for modified rent.
  • Making more concessions to lease a property.
  • A change in the way the property is used.
  • Detrimental changes in regulations or zoning.
  • Insufficient cash flow to service debt.
  • Expected occupancy rates and subsequent rents won’t cover known costs.

Of course there are others. The main point is that you and the real estate CPA have to proactive in looking for possible impairment. The next point is then following IRS guidance and making an air tight case for write downs.

I’m a real estate CPA with a virtual office to serve you anywhere you own property. (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>