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Gary Bode, CPA: My firm operates as an S Corporation, so you know I stay on top of developing issues. For a free initial phone consult please call (910) 399-2705. The Ninth Circuit Court of Appeals upheld a Tax Court case stating that Roth IRAs cannot be shareholders in an S Corporation. While the . . . → Read More: Form 1120-S CPA discusses Tax Court decision that keeps Roth IRAs from being Shareholders in S Corporations Gary Bode, CPA: I operate our firm as an S Corporation, so you know I stay current on Form 1120-S issues. For a free phone consult call 399-2705. Hi, I’m Gary Bode, an S Corporation CPA with a virtual office to serve clients beyond our Wilmington base. Two new check boxes on the 2011 . . . → Read More: S Corporation CPA warns of new Form 1120-S check boxes | Form 1099-MISC Gary Bode, CPA: the accrual method of accounting can mean big tax savings on the first Form 1120-S. For a free phone consult call 399-2705. S Corporation CPAs say paying your taxes later is better than paying them now. Several Form 1120-S accounting methods exist that allow the company to shift advance customer payments to a future year. This . . . → Read More: S Corporation CPA discusses Advance Payments as Income | Form 1120-S Accrual Method Accounting Gary Bode, CPA: I operate the CPA firm as an S Corporation, so you know we stay current on Form 1120-S! For a free phone consult, call 399-2705. One of the challenges a Form 1120-S CPA faces is tracking stock basis for an S Corporation client. This post explains what stock basis is, why . . . → Read More: Form 1120-S CPA gives an example of Stock Basis in S Corporations | NC Gary Bode, CPA: we offer a free initial phone consult on any small business tax issue. Just call 399-2705. Some LLCs elect S Corporation taxation and file Form 1120-S with the IRS. A business tax CPA sometimes amends or supersedes a LLC’s tax return for various reasons; carry back allowance, discovery of previously un-reported issues, IRS tax audit, . . . → Read More: Small Business Tax CPA discusses Amending and Superseding Form 1120-S for LLCs Gary Bode, CPA: There's a reason why LLCs are so popular. For a free initial phone consult, please call 399-2705. CPAs see Limited Liability Companies often being touted as the business entity of choice. Which they can be! But it depends on multiple factors. Note that LLC is a unique type of business organization allowed . . . → Read More: Limited Liability Company CPA discusses IRS Taxation Options | LLC Tax Gary Bode, divorce CPA. Many divorce consequences consequences can be avoided. For a free initial phone consult, please call 399-2705. Divorcing couples sometimes own all the stock of an S Corporation. Divorce property settlements can decree transfer of one spouse’s shares to the other spouse. Recent court cases define the tax treatment of such stock . . . → Read More: NC Divorce CPA discusses Redemption of Closely Held Corporate Stock in Divorce Settlements | Form 1120-S and Form 8824 Gary Bode, CPA: The IRS is proud of its cost efficiency. Extending the Form 1120-S deadline saves them some inevitable expense. For a free initial phone consult, please call 399-2705. Wilmington NC CPAs have an additional week to file Form 1120-S and Form 1120, from 9/15/11 until 9/22/11, secondary to Hurricane Irene. CPAs in NC counties . . . → Read More: Wilmington NC CPA reports IRS Deadline Extension for Form 1120-S and Form 1120 CPAs routinely analyze the Balance Sheet components of Form 1065 and Form 1120-S during tax preparation. Why? Five reasons: CPAs look for managerial implications of the Balance Sheet. Fortune 500 companies use relationships between Balance Sheet components to optimize their operations. Tax preparation of Form 1065 and Form 1120-S might be the only opportunity CPAs have to really . . . → Read More: CPA asks | Can your Form 1065 or Form 1120-S help anyone but the IRS? | Wilmington NC Gary Bode, CPA: for a free initial phone consult, please call us as 399-2705. S Corporation shareholder-employees usually receive a mix of salary and distributions as compensation. Form 1120-S distributions flow from Schedule K-1 to your Form 1040. Distributions don’t incur self employment tax, saving 13.3% compared to wages! Obviously, both the Corporation and . . . → Read More: Form 1120-S | Employee Shareholder Compensation Strategies | CPA Wilmington NC |
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