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 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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Tax Lien CPA discusses Form 668(Y), Form 12277 and Form 10916(c) | tax lien release and withdrawal

Tax lien CPA Wilmington NC discusses IRS Form 12277 and Form 10916(c), tax lien release and withdrawal

Gary Bode, CPA: moves are still available, even in the end game of IRS collections. For a free phone consult call (910) 399-2705.

If you received Form 668(Y), you probably didn’t have a tax lien CPA. And the IRS is probably  demanding too much tax. There are still some moves left during the end game of IRS collections and you should consider seeking a tax lien CPA now. We’ll discuss how to get the IRS to release and withdraw the tax lien, along with important factors to consider during the process.

  • You apply to have the lien released through Form 12277.
  • The IRS then issues Form 10916(c).
  • You present Form 10916(c) to the three credit reporting agencies.

Form 12277, Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien.

You request the IRS to release the tax lien through Form 12277. Tax liens kill your credit because the country’s strongest creditor makes it a public record. Plus they’re about to seize your assets or garnish your paycheck. The IRS gets preference over all other creditors. Here’s how a tax lien CPA might approach the process.

  • Let’s say you engaged me after the tax lien is in place. The first thing I’d do is ask the IRS and State for more time. If you haven’t had a tax lien CPA working the case, the IRS usually grants more time to prepare your case.
  • If you let the IRS prepare “substitute returns”, the amount of back tax they’re demanding is too high. I can’t remember a case where preparing correct returns didn’t reduce the amount of the demand. It may be hard to believe, but preparing those returns can result in a refund. Yes, you read that right.

The rest of the reasons the IRS would approve your Form 12277 assume they are demanding the correct amount.

  • Will they settle for less? In 2012 the IRS streamlined the infamous Offer in Compromise process. This pennies on the dollar technique got abused in the last century and public outcry resulted in stricter qualifications. But the recession prompted them to relax the standards in 2012. Generally an Offer in Compromise deserves CPA help, especially if a tax lien is in place. Once the Offer in Compromise is accepted, you can file Form 12277.
  • A study a few years ago showed the IRS violated its own guidelines during the tax lien process with 32,000+ taxpayers. You’d need a tax lien CPA to see if that happened to you. If it did, they have to issue Form 10916(c). But the IRS has experience here and removing the lien probably just buys time to come up with another solution.
  • If the IRS accepts an Installment Agreement (Form 9465), the IRS will issue Form 10916(c) after they see some period of compliance.
  • Sometimes a CPA can make a point that the tax lien actually decreases the IRS chances of collection. Then we file Form 12277.

I’m a tax lien CPA with a virtual office to help clients who aren’t lucky enough to live in Wilmington NC (wink). There are a dozens of articles on various aspects of tax liens, back taxes, and IRS collections. If you don’t have a local tax lien CPA, or just like what you read, consider calling me for a free phones consult at (910) 399-2705.

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