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 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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Retirement CPA discusses the IRA Required Minimum Distribution rule for a Deceased Tax Payer

A retirement CPA often doubles as the Estate CPA. And we know the IRS expects your compliance, even from the grave. It’s unfortunate that the Family has to deal with tax and legal matters while in mourning.

This post focuses on the IRS Required Minimal Distribution for IRA(s). IRA contributions bypass taxation when made. But get taxed when distributed. And the IRS doesn’t want to wait forever to collect that tax. So, at age 70.5 (go figure) they demand a minimal distribution. There’s a nice complex calculation involved.  The Required Minimal Distribution can’t be rolled over. A good retirement CPA can sometimes help with strategies to make the best of a bad tax situation.

“The IRS demands an IRA Required Minimal Distribution be paid, even if you die during the tax year.” 
– Gary Bode, retirement CPA

Generally an IRA Required Minimal Distribution isn’t complete in the year of death. Why? It could be paid as monthly installments, or paid in full at the end of the tax year. It is seldom distributed on January 1st, because most folks understand the tax-free growth that occurs with an IRA.

In the year of death, the IRS wants the rest of the required minimal distribution to be paid to the deceased’s heir in the year of death. But there’s some wiggle room. If the heir isn’t told about this rule, they have to take it as soon as possible, which might mean in the next tax year.

Here’s the three ways the remainder of a required minimal distribution play out.

  • It’s paid to the deceased. Then it’s included in the final Form 1040.
  • It’s paid to the deceased’s Estate. Now it’s on the first Form 1041 the estate CPA files.
  • It’s paid to an heir. Talk to your CPA about how to handle this.

Tax obligations don’t end with death. I’m an estate and retirement CPA sensitive to the Family’s grief. Our CPA firm has a virtual office, so we serve you almost regardless on where you live. If you don’t have a CPA, or just like what you read, consider calling for a free phone consult: (910) 399-2705.

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