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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.

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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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A Wilmington Accountant Discusses NC Use Tax

Wilmington NC accountant and CPA discusses NC sales and use tax

Gary Bode, CPA: if you'd like a free initial consult with a Wilmington NC accountant, please call us 399-2705.

Tax accountants think of  Use Tax as a “purchased out of state” version of Sales Tax.  NC made big news when it sued Amazon in an attempt to collect Sales Tax.  Amazon countered by claiming compliance would violate their customer’s 1st Amendment rights.  Good drama.  And the suit seems to be pressing for information on past purchases, too.

UPDATE:  The Wilmington Star reported an update to the story on 2/10/2011.  It focused on Amazon winning on not having to report specific titles of  purchases of NC customers to the NC DOR.  Which protects our first amendment rights.  It was less clear as to whether Amazon will report NC purchases, by amount and customer, to the NC DOR.  Probably, Amazon agreed to collect sales tax on NC purchases and remit it to the NC DOR.  This is an example of government taxation transferring of burden of responsibility, along with the underlying expense of accounting and administration, to businesses.

I feel NC is just trying to force Amazon to begin collecting Sales Tax on future NC purchases and doesn’t expect any retroactive tax revenue.  The recession hit our budget hard and Internet sales have expanded exponentially. NC is surely losing Sales Tax revenue.

“Because NC has an Income Tax, we seem like an unlikely candidate to lead this crusade.  One would expect States without Income Taxes, like TN, to be the most concerned.”
Gary Bode, CPA
Wilmington NC accountant

Currently companies without nexus (physical facilities) in NC, don’t have to collect NC sales tax. Recently a NC Revenue agent stated that we cannot force another state to collect NC Sales Tax. Major NC retailers circumvent this obligation by setting up separate, non NC, entities for their Internet sales. It is a burden to collect and report Sales Tax, especially if you do it for all States.  In NC, for example, each County has its own tax rate.  And they change.  Now imagine the whole country.  For Amazon, this wouldn’t be a nightmare.  But it would be a real deterrent for small companies trying to expand into interstate sales. 

As a tax accountant in NC, I have to ask tax preparation clients if they made purchases in other States, usually by Internet, that they didn’t pay Sales Tax on.  Because taxpayers are supposed to:

  • Track these purchases.
  • Report them on their NC Income Tax return.
  • Pay Use tax (out of state Sales Tax) on them. 

Apparently few folks buy things on the net, or they only deal with companies that collect NC Sales tax. In Wilmington, this used to mean every day could be a Tax Holiday, if you could sport the shipping and handling charges. But this NC lawsuit foreshadows things to come. Eventually all companies in the US, that surpass some threshold of interstate sales, will be forced to collect Sales Tax. A nightmare for small business accounting.  Large specialty firms will form to handle this additional tax reporting burden.  Another example of government transferring responsibility and expense of tax collection to the private sector for collecting taxes.

If you need a free initial consult with a CPA accounting firm in Wilmington NC, please call us at (910) 399-2705.

We offer a broad range of tax preparation and accounting services in a friendly mix of expertise and customer service. 

1 comment to A Wilmington Accountant Discusses NC Use Tax

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