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.

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

Client Testimonials

I have been using TurboTax for years but encountered an investment situation that TurboTax is not designed to handle. After searching the web for local CPAs/Accountants and chatting with a couple on the phone I was unable to find someone locally with sufficient experience in my particular situation with whom I felt comfortable. Deciding to broaden my search beyond my local area I discovered Gary's website and a detailed discussion with options pertinent to my situation. During a brief phone conversation, Gary answered all of my questions, explained how we would exchange information online and gave me an estimate for preparing my current tax return and an amended return. It was a pleasure working with Gary. He delivered everything he promised with no surprises.

Hank Varno, Purcellville, 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 Firm Comments on Form 1120-S and NC CD 401S | S Corporation Tax Return Considerations

Tax form NC 401S discussed by Wilmington NC CPA firm.

Gary Bode, CPA: NC 401S deserves as much consideration as IRS tax Form 1120-S. If you'd like a free initial consult, please call us at 399-2705.

Federal S Corporation tax return preparation, on IRS Form 1120-S, allows pass through of profit to the underlying shareholder’s Form 1040.  18 States follow the federal example, or just don’t require any S Corporation return.  But NC requires a complex tax return tax (Form NC 401S), that taxes S Corporations and is one of nine States requiring Estimated Tax Payments.  NC CD 401S requires a copy of the federal return, Form 1120-S, to be attached.  And even if the IRS doesn’t require completing the Balance Sheet of tax Form 1120-S, NC requires it on their Form NC CD 401S.  Why?  Because it allows greater tax audit potential the simpler federal version doesn’t.

Multi State S Corporation Considerations

More often, NC based S Corporations have to file tax returns in multiple States.  We stay aware of an S Corporation’s nexus, a taxation term meaning where a business has sales.  This determines where an additional tax return needs to be filed.  Of course, your profit is only taxed once, but it can be apportioned across multiple State tax returns.

But there is diversity on how different States address S Corporation profit. You might think having additional nexus in a State that doesn’t require an S Corporation tax return (like WA, NV, SD and WY) means your corporation pays less tax. But NC just makes all profit taxable here in these cases! Ever progressive, NC allows apportionment to other States on the basis of sales. But some States use an older, more complex process involving sales, property owned and payroll.

We’re a Wilmington NC CPA firm specializing in small business tax preparation, including IRS tax Form 1120-S and NC CD 401S.  If you’d like a free initial consult, please call us at 399-2705.

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