Why use Earney and Company, L.L.P. to prepare your Association’s tax return?
Complexity – HOA tax returns are complex. Preparing an 1120 or 1120-h requires knowledge of complex IRS and state tax codes. If you have researched HOA taxation you know that filing form 1120-h is not your only option. There are revenue rulings, tax court cases, and state non-profit statutes which also have to be considered.
Independence - As an independent certified public accounting firm, we put the interests of your association and it’s members first. We stay in contact with you or your association’s manager throughout the process and communicate any discrepencies discovered to the appropriate party.
Experience - CPAs have been accredited by the state and are qualified through years of experience and continuing education to handle the complexities involved in preparing an association’s tax return.
Error Prevention – As a member of the AICPAs peer review program Earney and Company takes quality control very seriously. We have a multiple step review process and we work closely as a team to provide our clients with a quality end product that is in compliance with the tax code.
Cost Savings – Using a CPA can save the association money. More often than not associations miss deductions and fail to analyze the benefits of filing the more complex form 1120. We monitor tax court cases and IRS code interpretations so we know what to look for when analyzing your associations financial statements and preparing your tax return.
Technology - As a next generation accounting firm we make it our goal to stay ahead of the curve in all areas of technology. We seek to add efficiency to our processes and work closely with you or your management company to streamline managing your association data. We maintain digital records of your tax return and supporting documentation which are available upon request for up to seven years.
Trusted Advisor – We don’t just want to prepare your tax return. We add value as a source of advice and experience when dealing with the financial and tax position of your association.
Other exempt entities – Earney and company has more than 30 years of experience in preparing form 990 for large non-profit organizations such as United Way and Hospice. We have learned how to negotiate the complexities of these organizations and to communicate effectively with boards of any size. We work with business owners associations, Commercial condominiums, business parks, yacht clubs and other entities in addition to HOAs.
What do we need to prepare your association’s tax return?
- The Association’s legal name, FID number, and contact information.
- Final year-end income statement and balance sheet
- Copies of year-end bank statements
- Copies of all 1099-INTs which are sent to you and the IRS at year end
- If The Association or its manger prepares addition documents please send those to us as well so that we can maintain accurate records. These may include: Accounts receivable aging report, Accounts payable aging report, Reserve analysis/study, Statement of cash flows, Budget to actual analysis.
For more information please email firstname.lastname@example.org
What does it cost?
We prepare an 1120-H return and one state return for a range of $250-$500.
Form 1120 requires additional time and experience and is filed only after a cost benefit analysis has been performed and the potential risks related to reserve funding and revenue sources has been analyzed. We prepare a compilation report which puts your financial statements into a generally accepted format and can be released to the public with each 1120 prepared. Our fees range from $1,000-$2,000* to prepare form 1120 for HOAs, business owners associations, Commercial condominiums, business parks, and yacht clubs.
*Additional bookkeeping fees may apply. Discounts may be available if other financial statement services are requested during the same year we prepare your tax return.