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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Subchapter S Corporation CPA discusses the Balance Sheet on Form 1120-S

Subchapter S Corporation CPA Form 1120-S

Your Subchapter S Corporation’s Form 1120-S can do more that just report data to the IRS. (910) 399-2705.

Subchapter S Corporation CPAs routinely analyze the Balance Sheet components of Form 1120-S during tax preparation. Why? Five reasons:

  • CPAs look for managerial implications of the Balance Sheet. Fortune 500 companies use relationships between Balance Sheet components to optimize their operations. Tax preparation of Form 1120-S might be the only opportunity your Subcapter S Corporation CPA has to help you with these same tools. After all, you’re already paying for the service; why not get the most value from your company’s CPA fees?
  • The IRS are experts at financial analysis, which helps find red flags for potential tax audits.  The Balance Sheet helps corroborate or discredit the income and profit your company reports for the year.
  • CPAs look for red flags, too. If it turns out that the underlying figures are correct, Subchapter  S Corporations CPAs provide supplementary information on Form 1120-S to explain the situation, hopefully preventing further IRS interest.
  • Shareholder equity transactions during the year flow to the Balance Sheet of Form 1120-S. Accurate accounting helps prevent internal discord.
  • This year’s Form 1120-S becomes the basis for future tax positioning.

“In Subchapter S Corporations, Form 1120-S functions as a substitute for Financial Statements. Financial Statements provide managerial insight. Tax positioning consists of applying multiple strategies that collectively create tax savings.”
– Gary Bode, Subchapter S Corporation CPA and Form 1120-S tax accountant

Form 1120-S Balance Sheet Managerial Examples

Financial analysis deals with financial ratios between components on the Financial Statements. Such ratios allow benchmarking, like comparisons to prior company performance, comparisons to the company’s industry segment and monitoring performance of strategic goals.

Common Financial Statement financial ratio categories include:

  • Profitability ratios.
  • Liquidity ratios.
  • Activity or efficiency ratios.
  • Debt or leveraging ratios.
  • Market ratios.
  • Capital budgeting Ratios.

Let’s imagine your Subchapter S Corporation anticipates an expansion loan in a year or so. CPAs know a banker will look to the company’s liquidity ratios as an indicator of loan re-payment capability. These liquidity ratios might be currently unacceptable, but over time, the company can structure itself such that these ratios become acceptable. For example, I graph liquidity ratios over time to visualize the company’s progress.

Our Form 1120-S Tax Preparation Philosophy

Most of my Form 1120-S Clients are untrained in accounting or financial statement analysis. Since they’ve paid me to prepare the return, I take that extra bit of time to look at the Balance Sheet, and then I share any managerial insight gleaned with that client.

Your Subchapter S Corporation’s Form 1120-S provides managerial insight. Our firm operates as an S Corporation, so I stay current on Form 1120-S issues. (910) 399-2705.

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