We Prepare Tax Returns!

We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

Amended.

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 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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