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

The recession was hard on me. In 2009 the banks foreclosed a few of my rental properties, than issuing me 1099C's to make the situation even worse. This made my tax liability enormous, as a result I didn't file taxes for a couple of years. I started receiving letters about my unpaid taxes from the government and my job. The accountant I hired in the past really didn't know much about 1099C,,s. That's when I searched the web and found Gary a life saver to say the least, he knew exactly what to do. If I would not have waited three years to file I would not have lost thousands for filing late. I wish I would have found him sooner, the fact that he does taxes in any state is a plus. I truly cant say enough positive things about my experience doing business with Gary. Thanks Again.

Officer D, NYPD

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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Cancelled Debt

Cancelled Debt CPA 982 1099-C

Don’t let any cancelled debt become taxable income without exhausting every possibility on Form 982. (910) 399-2705.

Cancelled Debt and the infamous IRS Form 982, Reduction of Tax Attributes, became a sub-specialty for us during the Recession. Sadly we continue to see many IRS Form 1099-C(s), Cancellation of Debt, in 2014. Our virtual office allows us serve you regardless of you or your company’s location.

We have dozens of posts on Cancelled Debt. On the Forms list, in the right sidebar, click on 982, 1099-C or 1099-A. In the drop down Category list, in the left sidebar, click on Cancelled Debt or Insolvency. Some folks tell me these posts helped them understand the Form 982 instructions and/or IRS Publication 4681. But we ask you to note the disclaimers, the tax reporting rules for cancelled debt get complex.

You’ll see CPAs and other tax prepares in our Testimonials and post comments.

We handle most types of cancelled debt tax returns:

  • Car re-possessions.
  • Credit card cancelled debt, personal and business.
  • Partnerships, Form 1065.
  • Principal residence foreclosures.
  • Principal residence loan modifications
  • Principal residence short sales.
  • Rental property foreclosures.
  • Rental property short sales.
  • S Corporations, Form 1120-S.

We handle Form 982, Reduction of Tax Attributes:

  • Bankruptcy.
  • Insolvency.
    • Including the IRS Insolvency Worksheet.
  • Qualified principal residence indebtedness.
  • Qualified real property business indebtedness.

There’s more to Cancelled Debt than just Cancelled Debt

  • With short sales, foreclosure and repo(s) you’ve got a sale of an asset.
    • The tax attributes section of Form 982 kick in to further complicate the Gain or Loss calculation.
  • The tax attributes section of Form 982 sometimes affect other assets you or your company own.

Cancelled Debt on Form 1099-C becomes taxable income unless you can exclude it using Form 982. So, $10,000 of Cancelled Debt could increase your tax bill by $2,500 to $3,000 +/-.

That’s where we come in. Form 982 is a snake pit, despite the best intentions of the IRS. If you become uncomfortable handling Form 982 yourself, it might pay to have a cancelled debt CPA specialist look at it.

You or Your Business aren’t Alone

Lots of folks got caught in a trap during the recession.

I’m a Cancelled Debt CPA. Read any of our postings to gauge how we approach this tax specialty. If you don’t have a local Cancelled Debt CPA, experienced with Form 982 preparation, consider giving us a call for a free phone consult at (910) 399-2705.