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 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

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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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Offer in Compromise CPA offers tips for 2014 IRS Form 656 | Back Taxes

Form 656, Form 433-A, Form 433-B implications discussed by CPA Wilmington NC

Gary Bode, CPA: Form 656, Offer in Compromise, can still be an effective way to settle your back tax bill with the IRS. For a free initial phone consult, call us at 399-2705.

Form 656 or Form 656-L, Offer in Compromise, is the most widely known IRS back tax settlement technique. This is the infamous “penny on the dollar” IRS technique that spawned “offer mills’ that advertised heavily on late night TV. Various States took action against the deceptive practice offer mills used. I’ll try to expand on the Form 656 instructions a bit and offer a few tips I’ve learned as an Offer in Compromise CPA, including how Offer in Compromises get funded.

  • The qualifications for IRS acceptance of Form 656 are well-known.
    • The IRS now has a “pre-qualifier” tool on their website.
    • An ethical Offer in Compromise CPA will walk you through that tool first. Takes about 5 minutes.
    • The tool doesn’t tell you how far off from acceptance you might be.
  • Given enough time, planning may be able to mold your circumstances to fit IRS guidelines for Form 656.
    • Offer mills unethically promoted the Offer in Compromise technique as a universal response to back tax cases and there has been a legal backlash against them.
    • Offer in Compromise Planning is ethical.
    • The IRS now accepts far fewer Offers in Compromise, so tax positioning is now more complex.
    • Individuals must file Form 433-A with Form 656.
    • The IRS has intimate knowledge of your finances secondary to the information provided on Form 433-A, Form 433-B and /or Form 656.
  • Businesses must also file Form 433-B with Form 656..
  • There are alternative IRS settlement techniques for back tax cases.

The Common Paradox with Form 656, Offer in Compromise: how to pay an Offer in Compromise

Your Offer in Compromise CPA helps you with anticipated cash flow. You qualify for an Offer in Compromise because you’re in poor financial condition.  But this might mean you don’t have money to pay even a “pennies on the dollar” back tax settlement. The IRS may allow you to pay the back tax settlement over time. But more often, these funds are provided by the taxpayer’s family.

Don’t let Distance keep you from getting a Free Initial Consult with us!

I’m an Offer in Compromise CPA with a virtual office. If you peruse our posts, and like our ability and proactive attitude, gives us a call at (910) 399-2705. I’m a Masters degreed CPA and tax accountant who actually enjoys all the nooks and crannies in the IRS tax regulations. Through the Internet, cell phones, faxes, E-Mail, we offer superior client service regardless of where you live.  We’re empathetic and non-judgmental. Our goal is to dispatch your back taxes for the least amount of money with as little stress as possible.

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1 comment to Offer in Compromise CPA offers tips for 2014 IRS Form 656 | Back Taxes

  • latonia

    I have a tax IRS tax form that states i owe 3000.00 and i don’t receive that much income although i am working. I would like to know what steps can i take to get this taken care of instead of having to pay the full amount. please contact me at 803-371-6523 or my email latoniathompson34@yahoo.com

    Thanks in advance..

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