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I became totally and permanently disabled after a working for 44 years. I returned to college late in life (while working full-time) to fulfill my dream of becoming an RN and at that time found it necessary to secure student loans. Three years after being declared totally and permanently disabled my student loans were discharged. In January 2013 we received a 1099-C form declaring said student loans that were discharged however that amount could be considered as income for 2012. This was a large amount of money and we live on two pensions and social security income.

I started looking on the internet for information regarding 1099-C and felt that this was something that we could not handle alone. I made phone calls locally to a very reputable tax group in a city near us and they said it would cost $500 for an appointment and that they really prefer to do corporate taxes and they referred me to a local person who had worked for them at one time, we called and explained the situation and an appointment was made and then the comment was made that "I will have to do some research on this" and flags immediately went up and we called back and cancelled that appointment. I had been researching the IRSwebsite and every place else I could think of and I was not comfortable doing our own taxes this year. We called another local tax preparer that we had used in the past and made an appointment, however prior to the appointment, while still seeking information regarding our situation,

I came across a website for Gary l. Bode, MSA, CPA, PC in Wilmington, NC. I called Mr. Bodeand explained our situation and asked if he could help. He spoke very knowledgeably regarding the situation and stated that yes; he felt he could help us. As Mr. Bode was in North Carolina and we were in New York I scanned all of our documents including back-up documents for all of our claims and forwarded all to him. Mr. Bode kept in touch with us via email; we have spoken on the telephone several times and have become very comfortable with his knowledge and professionalism. Also, as I am a true "worrier" I have continued looking into information regarding our tax situation and I came upon another web page for Mr. Bode that included testimonials which spoke of his experience with this type of tax situation as it became prevalent during the recession. This reinforced in our minds that we had made the right decision in hiring this person as our tax preparer.

I share all of this as our taxes are now ready to be filed (we do owe tax for 2012 but not the astronomical figure we thought we were facing), and we are confident that they have been prepared with the utmost care by a gentleman who has an excellent working knowledge of the situation we faced and the tax laws that were applicable to said situation.


Bill and Carol

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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 NC CPA firm comments on TD F 90-22.1 and FATCA |Offshore Banking | FATCA

Demise of offshore banking; Wilmingon NC CPA comments on FATCA

Gary Bode, CPA: if you'd like a free initial consult with a Wilmington NC CPA tax accountant, please call us at 399-2705

Secret Swiss bank account?  Not any more.  Offshore banking faces a new challenge.  FATCA, the Foreign Account Tax Compliance Act, was passed in March. The law requires foreign banks to identify American customers and with hold 30% of interest and dividends on those who don’t provide enough information for proper IRS reporting.  Of course all good citizens filed TD F 90-22.1 :). Some foreign banks are involved in various schemes to hide American owned assets from the IRS.  Full information sharing will be required by our US Treasury, starting in 2013, backed by trade sanctions for countries who don’t comply. Actually, the IRS has been able to access offshore  bank accounts for a long time now, but on an individual, per request basis. 

UPDATE:  The Wilmington Star reported a related IRS news story about offshore banking on 2/10/2011.  The IRS had offered amnesty to American taxpayers with hidden offshore bank accounts if they “came clean”.  See below.  Apparently 15,000 folks did, with new tax revenue reported as 200 Million.  Encouraged by this sucess, and perhaps their expanded scope of information from FATCA, the IRS is offering a second amnesty program.  Here the main incentive seems to be a promise to forego criminal charges and thus jail time.  I expect most foreign countries will cave in to FATCA and report US customers to the IRS.  Which will close the offshore banking loophole for most taxpayers.  And rightfully so.  But I suspect it will also usher in a new era in offshore banksing, where the last foreign nation that stands up to the Treasury Department will bring in the largest US customers. 

Their point: file TD F 90-22.1 as required.

Offshore banking and subsequent tax cheating have been an IRS issue for years.  They offered amnesty to Americans to who came clean about undisclosed offshore accounts by September 23, 2009.  Now there are penalties and possible criminal charges.  A whole class of tax cheaters may be forced to pay taxes on income generated by deposits in foreign banks.

We’re a Wilmington NC CPA accounting firm.  If you’d like a free initial consult with a CPA tax accountant, please call us at 399-2705.

Foreign Banks Complain – Go Figure!

The IRS became efficient by shifting costs to employers, banks, brokerage houses, retirement fund institutions etc., through their revenue matching program.  An example is where your bank sends you, and the IRS, a 1099-INT tax form stating the interest you earned for the tax year.  Of course, the IRS then cross correlates this tax form to see if your Form 1040 actually claimed the interest as income on Schedule B. This reporting requirement costs the banks money.

Well, apparently foreign banks have even more expense.  They claim identifying US citizens is difficult, the IRS requirements are complex, and reporting is expensive. One estimate is 7 Billion world wide.  Of course, they’ll just charge each American account $10-20 as a reporting fee.  The real issue is probably resentment about a foreign power imposing rules. 

USB, a Swiss bank, brought legal action.  I suspect their mystique of secret banking lures in customers and they don’t want to lose this edge.  I suspect they will grudgingly comply but leave lots of room for plausible deniability.

See our other posts on TD F 90-22.1 and Form 2555.

We offer CPA financial accounting, tax preparation, tax positioning, QuickBooks training, supervised bookkeeping (including payroll administration).  All in a pleasant mix of expertise and customer service.  If you’d like a free initial consult with a Wilmington NC CPA tax accountant, please call us at 399-2705.

4 comments to Wilmington NC CPA firm comments on TD F 90-22.1 and FATCA |Offshore Banking | FATCA

  • Bill

    “One estimate is 7 Billion world wide.”

    Yet FATCA is scored to bring in only around $8B over ten years! And that’s assuming it actually does no material damage to US markets, although of course it will. FATCA makes no financial sense at all. Expect to see it appear alongside Smoot Hawley in future economics textbooks as another object lesson in bad tax policy.

    • Gary Bode CPA admin

      It seems the Treasury department is trying to impose its will in other nations. Seems analagous to the IRS mandating amazing amounts of compliance on small business in the US.

  • Maggie


    I recently heard about the new law coming in 2013…

    Can you tell me how it actually affects people:

    I work in the US and pay all taxes… but also have a EU bank account (which i have had for about 10 years now ..not disclosed as I did not know that I need to disclose it if I pay all my taxes.)

    I send money to that account every couple of years via bank transfer…

    Does this law have an effect on me sending money to Europe at all?
    Thanks so much!

    • Gary Bode CPA admin

      I would think it needs to be disclosed Maggie. Interest from it is income. But, the IRS is looking for tax evaders. If everything is as stated there would be no repercussions? I don’t think FATCA discourages foreign banking for compliant tax payers.

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