We Prepare Tax Returns!

We prepare most type of tax returns:

Individual.

S Corporation.

C Corporation.

Partnership.

Payroll.

Amended.

Gary Bode CPA

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 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

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.

Pay Your CPA

Enter $ Below



Other Amount:



Your Email Address :
«  
  »

Form 1120-S CPA comments on IRS intent to Audit more S Corporations

By Gary Bode CPA, on March 28th, 2013

Our firm operates as a S Corporation, so you know I stay current on Form 1120-S issues. (910) 399-2705.

S Corporations CPAs expect to see more audits of Form 1120-S starting in 2013. The IRS announced it would increase S Corporation audits for a three-year period. According a report by Beyond 415, the IRS audited 18,519 S Corporations last year, of the 44.4 Million Form 1120-S(s) filed.

TIGTA (Tax Inspector General for Tax Administration) states that when discrepancies were found on a Form 1120-S tax audit, the average adjustment was $105,534. The IRS data book notes that the “no change” rate in S Corporation audits is 39%. The implication? The IRS intends to tighten up how it selects Form 1120-S(s) to audit.

I’m an S Corporation CPA that functions as an S Corporation. So here’s what I’d expect a Form 1120-S audit to concentrate on. Plus here’s a prior post on Form 1120-S tax audits.

  • Unreported Income. Even though Corporations don’t have to 1099 other Corporations, the IRS still collects Income data from Form 1099-K (credit card payments) and Form 1099-MISC from non corporate customers. Rumour has it that when they find large payments, to your S Corporation when they audit a customer, the IRS cross correlates that to your Form 1120-S.
  • S Corporation officer payroll. Here’s a earlier post on reasonable compensation for S Corporation officers. Shareholder employee wages have been a gray area for decades. Why? The IRS want you to pay employment taxes. Remember distributions from a S Corporation to a shareholder escape self employment tax. How much wage is enough? It depends. We recommend documenting how the S Corporation established shareholder compensation and distributions in the Corporate minutes.
  • Miss-classification of employees as subcontractors. The IRS is currently running a “Special.” The New Voluntary Worker Classification Settlement Program allows S Corporations that are paying employees incorrectly as subcontractors (to save on employment and unemployment taxes) to come clean for a small penalty and a promise of future compliance. Worker classification is another gray area; the IRS lists 20 determination factors!
  • Shareholder basis for losses.

I’m an S Corporation CPA with a virtual office to provide your S Corporation service and convenience regardless of where you live. I offer a free phone consult (910) 399-2705.

Find me on Google+

Audit    
«  
  »

Leave a Reply

  

  

  

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

«  
  »
  1. https://www.akintiburnu.com/
  2. https://www.loon2amir.com/
  3. https://www.poolcleaningsacramento.com/
  4. https://www.hrndgov.org/
  5. https://www.athleticlockeroutlet.com/
  6. https://www.bajiogrill.com/
  7. https://bedfordfilmfestival.org/
  8. https://www.christchurchnorthhills.org/
  9. https://www.fortsutterracingpigeonclub.org/
  10. https://www.greatplates.org/
  11. https://noorelmarifa.org/
  12. https://leon2023.org/
  13. https://www.observatorioelectoral.org/
  14. https://ag-lab.org/
  15. https://www.colunistas.com/
  1. HOME