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

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 :



Tax Refund CPA discusses IRS Tax Positioning during Tax Preparation | tax strategy

tax refund cpa

You have the right to proactively position your affairs such that you pay the least possible amount of tax. (910) 399-2705.

Being a tax refund CPA is more of a philosophy than a specialty. It’s not just working all the angles once you send your documents to me. It includes tax positioning for next year, usually through a combination of legitimate tax strategies.

Gray Area Tax Positioning with new Tax Strategies

I  take a balanced tax research approach to gray area tax positioning, when possible, by building in a simultaneous penalty abatement defense. Just in case you’re audited. Or, if the tax strategy is disallowed. I base the tax strategy itself on IRS Regs, GAAP accounting and later Revenue Rulings. But other sources of IRS authority exist that:

  • Give insight into the IRS’ potential reaction.
  • Help develop tax strategies.
  • Can be used as the basis for an abatement request, if the proffered tax position is disallowed.

“Tax positioning in gray areas is akin to practicing law; one builds on earlier tax court cases, alternate sources of authority and IRS Regs. Sometimes new tax regs offer unintended loopholes.”
– Gary Bode, tax refund CPA

Developing Tax Strategies

The highest authority to back new tax strategies are the IRS Regs. Technical Memorandums on proposed Regs lead to temporary Regs. These offer the earliest opportunity to develop new tax strategies. Secondary to initial ambiguity, there may be a range of possible tax strategies within a new Reg. The IRS may eventually recognize incongruities in the Reg and issue subsequent Revenue Rulings on it. A Revenue Ruling is a pronouncement that deals with application of the Reg, generally using a specific example brought to light as taxpayers raise questions or try unintended loopholes.

Private Letter Rulings

For a fee, the IRS will generally make Private Letter Rulings. Here, the IRS gives proactive opinion on a taxation issue. But this opinion is only good for the taxpayer who paid for it. Go figure. Plus, it tips your hand, which as a CPA firm, we don’t like to do. But it’s the only sure way of achieving a preëmptive, positive affirmation. However, denial of the position stills allows the taxpayer to challenge it in tax court.

Potential loopholes gradually close as the IRS better interprets the Reg with Revenue Rulings.

Building in a Simultaneous Penalty Abatement Defense

While other taxpayer’s Private Letter Rulings can’t be used to support a tax position, redacted versions Private Letter Rulings and tax court decisions are published. They allow insight on how the IRS will eventually react to your attempted tax position. Other sources are useful too, if you can find them. IRS audit guides, General Counsel’s memorandums, Actions on (non tax court) Decisions, etc. can help. These less authoritative sources can be used to raise an eventual penalty abatement request by showing that the tax position, while disallowed, wasn’t frivolous.

Contact us for a free initial consult at (910) 399-2705

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>