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.

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S Corp CPA discusses what to do if you don’t receive Schedule K-1 | IRS Form 8082 | Form 1120-S

Form 1120s Form 8082 S Corp CPA

Late arriving Schedule K-1 from your S Corp? File IRS tax Form 8082 with your Form 1040. We offer a free phone consult on S Corp tax problems. (910) 399-2705.

S  Corp CPAs  get asked what a Shareholder should do if their Form 1120-S Schedule K-1 doesn’t arrive on time. Apparently the IRS got asked as well; they reset the filing deadline from October 15th to September 15th, 2013. Before this change, CPAs filed lots of amended tax returns when Schedule K-1 became available. Without Schedule K-1, the shareholder’s personal taxes can’t be filed accurately. So what should an S Corp shareholder do if Schedule K-1 isn’t available? The answer; file IRS Form 8082. It’s still a tax problem for the shareholder but Form 8082 should eliminate most late filing penalties.

“You also use Form 8082 if you disagree with anything on the S Corp’s Schedule K-1.”
– Gary Bode, S Corp CPA

Didn’t receive a Schedule K-1 from your S Corporation’s CPA?

Here are your options:

  • Call the S Corp CPA. Try to get Schedule K-1. I never hear CPAs confessing to filing late, but maybe some of them need a little push.
  • File Form 1040 late. Don’t do it.
  • Prepare your personal return and ignore Schedule K-1. Not the best avenue, even if you intend to amend your Form 1040 when Schedule K-1 arrives.
  • Estimate your Schedule K-1. Here you’re showing the IRS that your intent isn’t tax avoidance. I use a supplemental explanation with the Client’s Form 1040. I keep it concise with a clear presentation of the calculations. If I can’t base it on actual 2013 data, I’ll use the 2012 Form 1120-S Schedule C as a baseline.
  • File Form 8082 with your Form 1040. This officially notifies the IRS that Schedule K-1 hasn’t arrived in time to file. I still use a supplemental statement as discussed above. It includes stating specifically that the client intends to amend the tax return once Schedule K-1 arrives. Should you estimate the expected Schedule K-1’s figures? It depends on the circumstances.

Estimating your Schedule K-1 has risks. A 2013 tax court case ruled that the IRS could extend the statute of limitations for collections to six years because the taxpayer under estimated the tax consequences of his S Corp’s Schedule K-1.

I’m a Form 1120-S CPA. We operate as an S Corporation ourselves. Our virtual office allows us to serve long distance clients. If your S Corporation doesn’t have a CPA, please consider calling us for a free phone consult at (910) 399-2705.

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