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

As a professional with a busy schedule and layers of accounting complexity, I need the peace of mind that comes with knowing my financials are being handled professionally, in compliance with all laws and regulations, and with an eye to detail.

Gary Bode has provided tax preparation and business accounting assistance to me for three years now, and I can honestly say that I rest well at night, knowing that someone is tending to the details that I don't have time to master.  He is professional, always willing to work through a complex situation, and he explores every angle.

I look forward to working with Gary for many years to come, and wholeheartedly recommend his services to anyone who is looking for the assistance of a capable accountant.

Father Peter Robichau

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 :



S Corp tax CPA answers What is an S Corp? | how to setup an S Corporation business | changes to Form 2553 instructions | Form 8332 for LLCs

corporation s corp

Form 2553 instructions change in 2013. Call (910) 399-2705 for a free CPA consult on any S Corp issue.

New clients sometimes ask about the advantages of running an S Corporation business. Hi, I’m Gary Bode, a CPA who runs our tax and accounting practice as an S Corporation. So I stay current on S Corporations issues. We’ve got a virtual office to offer service wherever you’ve setup your S Corp. I’ll cover Form 1120-S, Form 8332, Form 2553 and Schedule K-1.

What is an S Corporation?

Per the IRS:

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.

“S Corp shareholders don’t pay self-employment tax on S Corporations distributions. But this is a hot issue for the IRS.”
– Gary Bode, S Corp CPA

Steps in S Corp tax returns

  • The S Corp files Form 1120-S.
  • Then all that information from Form 1120-S distills down to Schedule K-1.
  • Shareholders use Schedule K-1 to prepare their IRS Form 1040.
  • Remember your State filing requirements too.

Can your LLC elect to be taxed as a subchapter S Corp?

Yes. For my clients that want to run an S Corporation business I suggest becoming a LLC and then electing to be taxed as an S Corp. Why? You can later elect to be taxed as a Partnership without closing the LLC. First file IRS Form 8332, Entity Classification Election. This turns your LLC into a C Corporation for tax purposes. And then file IRS Form 2553, Election by a Small Business Corporation.

How to set up an S Corporation

  • Setup a Corporation with your State’s Secretary of State.
  • Then file Form 2553, Election by a Small Business Corporation.

Form 2553 Instructions

Use Form 2553 to turn your Corporation into an S Corp. Getting the IRS to recognize the Form 2553 election is tedious. But not because the S Corporation business doesn’t qualify. There just seems to be a disconnect in the IRS systems. So, even when a timely Form 2553 is faxed to the IRS, CPAs often must re-file Form 2553. But then we’re seeking acceptance under one of the multiple Revenue Procedures available for late filing. However the new IRS Revenue Procedure 2013-30 simplifies late filing.

Find me on Google+

1 comment to S Corp tax CPA answers What is an S Corp? | how to setup an S Corporation business | changes to Form 2553 instructions | Form 8332 for LLCs

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>