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 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 possible alternative defenses under Section 530 Safe Harbor

I’m a VCSP CPA with a virtual office to accommodate long distance clients. The idea for this article comes from the Tax practice Corner column of the July 2012 Journal of Accountancy. It’s important to understand all the options for any given tax situation.

VCSP (Voluntary Classification Settlement Program) is a great program for employers who worry about the IRS assessing them back employment taxes for paying employees as subcontractors. Click on VCSP from the drop down category list in the right toolbar for more information on this IRS program. This post discusses possible alternative defenses your VCSP CPA might offer to you.

Note that VCSP has the drawbacks of:

  • Admitting your company was wrong.
  • Paying a penalty.
  • Paying workers as employees in the future.

Section 530 Defenses

These alternative defenses for worker misclassification stem from Section 530 of the Revenue Act of 1978. Here, your company handles worker classification directly, despite the IRS not liking it.

  • Did you treat all workers the same?
  • Did you treat all workers the same in all time periods?
  • Did you file the correct paper work like Form 1099-MISC?
  • Did you have a reasonable basis for classifying workers as subcontractors?

Reasonable Basis For Classifying Workers as Subcontractors

  • Judicial precedent. This is why VCSP CPAs keep up with tax court cases.
  • Published rulings.
  • Private letter ruling. These are specific to the taxpayer.
  • Long standing recognized practice with an industry segment.
  • IRS audits of similar companies approved their worker classification.
  • Worker’s Compensation audit is OK with the classification.

For every IRS engagement your VCSP CPA custom crafts a response. Most times that’s a VCSP application. But, sometimes, being aware of the weaknesses in the IRS assertion means no admission of guilt, no penalty and continued employment tax savings in the future.

I’m a VCSP CPA with a virtual office. For a free consult call (910) 399-2705.

 

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