Tax issues surrounding homeowners associations can often be difficult to navigate, especially when requirements for filing differ by state. These state tax issues can frequently go overlooked, but they are equally as important as the federal HOA tax requirements we have discussed. Some states may not require any filing for homeowners associations, while others require […]
Commercial Condo Association Tax Return in a Few Easy Steps!
With the increase in commercial condominium projects in recent years, certain tax questions arise. The commercial condo association tax return can be challenging without proper tax planning. These commercial condominium projects typically include the ability to acquire your own office suite or space and share in certain common areas of the property. These common areas […]
HOA Compilation Report: What You Need To Know
Many HOAs and condo associations believe that they are getting an annual “audit” report from a CPA. The reality is often that they are getting what is called an HOA compilation report. What is the difference? We will take a closer look at the differences and examine what is in a compilation report. It is […]
HOA Never Filed Tax Returns? Here’s A Game Plan [Step by Step]
Many HOAs face past due tax returns for a multitude of reasons. This can range in severity from a late filing or late payment to years of unfiled tax returns. In fact, many HOAs have not filed in 3 years, 5 years or 7 years. We have even seen situations of 10 to 20 years. […]
HOA CPA: How to Find a Qualified CPA for Your Homeowners Association
There are a lot of good CPAs out there. Many with decades of experience and professional accomplishments. But when it comes to finding an HOA CPA for your homeowners association, it might be more challenging than you thought. Many folks unfortunately believe that CPAs can answer all tax questions and prepare any type of tax […]