Condominium, townhome and homeowners associations are unique entities with unique challenges. These “Common Interest Realty Associations” have complex reporting and tax compliance requirements. We have many years of experience and the knowledge needed to help Association Boards and Management Companies navigate these areas.
Our services include:
- Annual audits, reviews, and compilations
- Tax preparation
- Developer transition support
- Election verification
- Other agreed upon procedures
- Reserve and budgeting consultation
Why use an independent CPA 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 its members first. We stay in contact with you or your association’s manager throughout the process and communicate any discrepancies 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 & 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 & 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.