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

My husband and I had to deal with canceled debt from a Deed in Lieu of Foreclosure on a second home with our 2012 taxes. We never had to deal with this type of tax experience and needless to say, we were fearful. Owing taxes on possible additional income was stressful. We searched for CPA’s as well as info about DILs and how Insolvency worked. When we came across Gary’s website, we were impressed. We found his website 8 months prior to tax season. We kept it as a “Favorite” as we knew we would need to contact him for assistance. When it was time to get a CPA, we called Gary. We felt relieved that we actually had someone that not only understood our concerns but was an expert in this area. He walked us through the process and all the time telling us not to worry. When our taxes were completed, you cannot imagine the relief we had when we actually were able to get a refund.

Gary is a dedicated professional and attentive to his clients. We love the virtual office as it is convenient during tax time and he’s fees were fair and affordable when you consider the depth of work accomplished on our taxes!

We’ve already started recommending Gary to others. We are so blessed and grateful for all that Gary did to assist with our taxes.

 

Patty and Tim, Fredericksburg, VA

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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Wilmington CPA discusses IRS Tax Form 940: Unemployment Tax (FUTA)

Wilmington NC CPA Firm: IRS Form 940 (FUTA)

Gary Bode, CPA: if you run into trouble preparing IRS tax Form 940, please consider giving us a call at (910) 399-2705 for a free initial consult.

The federal unemployment tax, FUTA, is calculated on IRS tax Form 940.  Due annually on January 31st, the rate is 0.8% on the first $7000 of gross wages, per employee, for the calendar year.  So, a maximum of $56 per employee, if you paid all the company’s NC unemployment tax on time.  We consider Form 940 tax preparation as part of our payroll accounting services, even though it deals with unemployment tax.

Once your FUTA liability exceeds $200 for the year, you’re required to deposit it through EFPTS or your bank.  So, the company has to keep a running tab to be in compliance, despite there being only an annual report required.

Tax Form 940, and the rates, haven’t changed in years.  Tax preparation looks complex but really isn’t, if you know the following:

  • Company’s gross wages, which have to tie with: a) the four quarterly federal employment Form 941(s) and the four quarterly NC ESC (Employment Security Commission) unemployment tax returns (NCUI 101).
  • FUTA tax payments paid for the year already.
  • Exempt wages.
  • The amount of excludable wages (over $7000 to each employee).

This derives the amount of taxable wages.  So, while this amount is easy to calculate the reverse way IE up to $7000 of wages per employee, the IRS just makes it seem harder.

We’re a Wilmington NC CPA firm offering payroll accounting services, including Form 940 tax preparation.  If you’d like a free initial consult, please consider calling us at (910) 399-2705.  We are a Wilmington NC CPA accounting firm serving NC counties: New Hanover, Brunswick, and Pender.

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