We Prepare Tax Returns!

We prepare most type of tax returns:


S Corporation.

C Corporation.




Client Video Testimonials

Click here to watch some of our clients in their video testimonials!

Client Testimonials

I used Gary’s services to file my 2012 income tax return. This was my first year having an accountant do my return, as I have always done it myself using TurboTax. However, this year I had cancelled debt from my old primary residence which I was forced to convert to a rental property after relocating out of state.

While it didn’t cost me anything to do the short sale, the income tax consequence from the cancelled debt, roughly $50,000 in my case, was enough to move me from the 15% tax bracket to the 25% tax bracket.  Needless to say, I was concerned about that.

Finances were already tight and my husband and I are expecting our first child this fall. So the possibility of owing income tax was stressing me out. However, Gary was great at relieving my fears.

He is extremely knowledgeable, answered all my questions and was very thorough. I knew I was in good hands. He kept in constant contact with me throughout the process, keeping me updated on the progress of my return and letting me know what paperwork he needed to complete my filing.

In my mind, best case scenario would have been to not owe any taxes. Second best would be to only owe a little. Well, you can imagine my surprise and delight when Gary told me I was actually due a refund of a little over $2,700.00!

To top it all off, I found Gary’s fee for service to be fair, competitive and affordable; especially given the complexity of this type of return. I am so glad I did not try and go it alone this year. I am extremely pleased with Gary’s service and would recommend him highly to anyone, in fact I already have. If you have cancelled debt from a short sale or foreclosure, don’t freak out. Take a deep breath and call or email Gary. I am grateful I did.

Angie Falke of Holiday, FL

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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VCSP CPA discusses common Payroll issues

While worker miss-classification is the hot topic in Payroll, there are other problematic areas, mostly centered around IRS compliance.

VCSP (Voluntary Classification Settlement Program)

I think it’s easy for the IRS to spot employees represented as subcontractors on your company’s tax return. And it has been for years. But they haven’t seemed all that capable of pursuing companies that miss-classify workers, at least on a large-scale. The IRS continuously improves their automation of payroll audits. So, eventually their bark will match their bite. And after all, they’re just encouraging you to obey tax laws. Coming clean with the IRS now is a good deal. The penalty is minimal. The main implication? The IRS may not be as forgiving in the future.

Cash Flow: think Gross Payroll times 110% not Net Pay

I think this is the most common trap Payroll CPAs see. Say you’re paying me $1000 per week, just to use a nice round figure. My net pay is $700, again just a nice round number to use as a talking point. Let’s assume you make monthly deposits to the IRS for payroll taxes. On the four paydays for the month your cash flow is OK. You planned on my $700 paycheck. But on the following 15th, you’ll owe the taxes you withheld from my check, PLUS the employer’s share of payroll tax, times four. If you throw in your State’s unemployment tax, as an example, the company has to come up with $1200. Now your cash flow may not support this “surprise.”

“Don’t think of Payroll in terms of net pay. As a rule of thumb, think Gross Payroll times 110% to better show your company’s true cost.”
-Gary Bode, VCSP CPA

Backup Withholding for Vendors: get the W-9

While not a true payroll issue, the IRS requires your company to withhold 28% of payments to a vendor that doesn’t supply you a W-9. A pain. Especially since most vendors are Corporations and thus exempt. But in an IRS audit, you could be liable for underpayment penalties, even when vendors are found to be exempt. It’s just easier to get the W-9 as required.

Late Penalties: related to cash flow above

Late penalties on payroll deposits, just for the IRS, is 2-15%. Before the recession, the downward cash spiral from late payroll deposits was the number one problem I saw in small companies. Again, think Gross Pay times 110%.

Not Filing 1099s

Most business tax returns specifically ask if you made payments that required submitting Form 1099-MISC to the IRS. If the answer is yes, did your company submit them? The real trap here isn’t the penalties, which was $50 per 1099, at least the last time I looked. I don’t know what the IRS will do if they catch you lying on this question. But I suspect it’s more significant than $50. Don’t let documentation land you in hot water.

I’m a VCSP CPA with a virtual office to accommodate clients outside my Wilmington NC geographical base. Read any of the hundreds of postings on this website to get a feel for my proactive attitude and abilities. If you don’t have a local VCSP or payroll CPA, consider calling me for a free phone consult at (910) 399-2705.


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