We Prepare Tax Returns!

We prepare most type of tax returns:


S Corporation.

C Corporation.




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 have been using TurboTax for years but encountered an investment situation that TurboTax is not designed to handle. After searching the web for local CPAs/Accountants and chatting with a couple on the phone I was unable to find someone locally with sufficient experience in my particular situation with whom I felt comfortable. Deciding to broaden my search beyond my local area I discovered Gary's website and a detailed discussion with options pertinent to my situation. During a brief phone conversation, Gary answered all of my questions, explained how we would exchange information online and gave me an estimate for preparing my current tax return and an amended return. It was a pleasure working with Gary. He delivered everything he promised with no surprises.

Hank Varno, Purcellville, 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 :

S Corporation CPA warns of new Form 1120-S check boxes | Form 1099-MISC

S Corporation CPA Wilmington NC discusses 2011 Form 1120-S

Gary Bode, CPA: I operate our firm as an S Corporation, so you know I stay current on Form 1120-S issues. For a free phone consult call 399-2705.

Hi, I’m Gary Bode, an S Corporation CPA with a virtual office to serve clients beyond our Wilmington base.

Two new check boxes on the 2011 Form 1120-S:

  • Did you make any payments in 2011 that would require you to file Form(s) 1099?
  • If Yes, did you or will you file all required Forms 1099?

The IRS requires S Corporations to 1099 any subcontractor or non-corporate vendor that it paid $600 or more to during the calendar year. Remember to send a copy to both the subcontractor and the IRS.

I feel this is part of a coordinated IRS effort that includes:

  • VCSP (Voluntary Classification Settlement Program). The IRS is offering low penalties to companies that mis-classify employees as subcontractors, voluntarily come clean, and, promise to be compliant in the future. The obvious reason companies mis-classify employees is to avoid employment and unemployment taxes. But any S Corporation CPA would agree the administrative hassles of payroll is another cause.
  • Trying to stem under the table payments to subcontractors, which is a foolish practice anyway for a company. Why pass on legitimate tax deductions on Form 1120-S?
  • A new and improved penalty structure for unfiled and misfiled Form 1099-MISC.
  • Penalties on Form 1120-S filed with false information.

I’m an S Corporation CPA with a virtual office to serve long distance clients. Our physical office is is Wilmington NC. Please note I operate our firm as an S Corporation, so I keep current on all Form 1120-S issues. There are hundreds of posts on this website, many on S Corporation and Form 1120-S issues. For a free phone consult, please call (910) 399-2705.

2 comments to S Corporation CPA warns of new Form 1120-S check boxes | Form 1099-MISC

  • John Valdes

    Gary, do I need to file a 1099-MISC to the landlord of the business rental unit I had last year?

    • Gary Bode CPA admin

      As a tax preparer, I don’t think it ever hurts to file Form 1099-MISC John, even if it’s not required. Why? I think it validates rent expense. But you don’t have to file it, if your landlord is a Corporation. Hope that helps.

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>