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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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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