Learn more about our management packages today —
Call toll free (888) 565-1226

Category Archives: Accounting and Taxes

Associations Using CPA’s: Is it Really Necessary?

Although homeowner associations are created as nonprofit corporations, this does not mean the associations do not engage in financial transactions or require the services of a certified public accountant (CPA). For example, it is common for an association’s governing documents to require a financial audit or review on an annual basis, and associations are required to file tax returns every year. Further examples of situations in which it may be beneficial to consult a CPA include:

Read more

Community Associations and the IRS

We often get asked whether community associations can or do qualify as 501(c) organizations under the Internal Revenue Code.  Sometimes the question arises because the association derives too much income from sources other than assessments to file IRS Form 1120-H, and it is looking at way to...

Read more

Tax Time

Assocations must file!

Tax Time   While the end of the year traditionally means a congested calendar and a lengthy to-do list for most people, Associations also face another important year-end activity:  preparing to file federal – and, in some cases, state-tax forms.

Read more
* These articles and related content on this website are provided without warranty of any kind and in no way consitute or provide legal advice. You are advised to contact an attorney specializing in Association Management for legal advice related to your specific issue and community. Some articles are provided by thrid parties and online services. Display of these articles does in no way endorse the products or services of Community Association Management by the author(s).