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 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 opines on what the IRS does with Form TD F 90-22.1 | FBAR

CPA Wilmington NC discusses the IRS use of Form TD F 90-22.1 | FBAR

Gary Bode, CPA: it is obvious what the IRS wants to do with the info on FBAR. For a free initial phone consult on any tax or accounting issue, please call 399-2705.

I’ve been asked about Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) numerous times now. But the questions aren’t on Form TD F 90-22.1, FBAR, itself. Folks want to know what the IRS will do with the information on it.  The short version?  To levy back taxes on un-reported income hidden in foreign banks.

Background on Form TD F 90-22.1 | FBAR

FATCA

FATCA, the Foreign Account Tax Compliance Act, is a US Department of Treasury initiative to obtain information from foreign banks on American accounts. Up to now, the IRS could only get piece data on specific taxpayers. But now they want foreign banks to essentially issue a Form 1099-INT, like American banks do. Here’s our post on FATCA.

IRS Amnesty

The IRS offered amnesty to Americans who self-revealed foreign bank accounts to them. This was under the assumption the era of secret bank accounts was over, via FATCA, and it was time to fess up or face severe consequences.

The Revised Form TD F 90-22.1 | FBAR

Here’s our past post on Form TD F 90-22.1 | FBAR, and on some reporting quirks with FBAR.

What Will the IRS Use Form TD F 90-22.1 | FBAR for?

Just What they Use Form 1099-INT for!

The IRS is extremely effective, but to some degree, at other folk’s expense. American banks have to send both you and the IRS a Form 1099-INT in January stating the interest you earned during the previous year. This is expensive for the banks, even though it is just a typical accounting function. The IRS then cross correlates your Form 1040 to check that you reported it. This might lead to an IRS audit.

Eventually, that’s what FATCA will do with most foreign banks. So, FATCA just expands an existing IRS procedure.

Of course, the IRS is interested in how you came by that money originally. Note that you can have money that was never taxed to you, i.e. from gifts. But the IRS has lifestyle audits. This imputes how much money your lifestyle costs. And then you have to explain how the money was obtained. They got Wesley Snipes this way.

What Folks are Scared of…

The IRS will find out about income that never had American taxes paid on it. Naughty, naughty. And the IRS commissioner is explicitly threatening jail time for offenders who don’t come clean under the current amnesty program. So folks are scared of back taxes, penalties, interest and criminal charges on un-reported income stashed in secret foreign bank accounts.

While I work for a CPA firm in Wilmington NC, I field calls nationally from the free initial phone consult offer. (910) 399-2705. Check out other CPA posts to gauge our expertise and proactive attitude.

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