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

My husband and I had to deal with canceled debt from a Deed in Lieu of Foreclosure on a second home with our 2012 taxes. We never had to deal with this type of tax experience and needless to say, we were fearful. Owing taxes on possible additional income was stressful. We searched for CPA’s as well as info about DILs and how Insolvency worked. When we came across Gary’s website, we were impressed. We found his website 8 months prior to tax season. We kept it as a “Favorite” as we knew we would need to contact him for assistance. When it was time to get a CPA, we called Gary. We felt relieved that we actually had someone that not only understood our concerns but was an expert in this area. He walked us through the process and all the time telling us not to worry. When our taxes were completed, you cannot imagine the relief we had when we actually were able to get a refund.

Gary is a dedicated professional and attentive to his clients. We love the virtual office as it is convenient during tax time and he’s fees were fair and affordable when you consider the depth of work accomplished on our taxes!

We’ve already started recommending Gary to others. We are so blessed and grateful for all that Gary did to assist with our taxes.

 

Patty and Tim, Fredericksburg, 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 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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