HOMEOWNER ASSOCIATIONS

So you’ve just been elected to the board of directors of your local homeowners association. At the first board meeting, you make the mistake of letting your fellow board members know that you reconcile your checkbook monthly and, just like that, you are elected treasurer of the association! One of your duties as treasurer is to prepare the annual tax return for the association. Uh oh.

The vast majority of homeowner association treasurers are volunteers with no special training in preparing tax returns for their associations. While the preparation of many association tax returns is simple, the underlying laws and regulations that govern them are not. When associations sell property, open their facilities for public use or have significant investment income, preparing the association’s tax return can easily become complex.

We prepare tax returns for homeowner associations from the simple one page variety to substantial returns for organizations with unique tax issues. We teach association treasurers the tax issues involved to help them discuss and explain those issues to fellow board members and homeowners. We always charge a flat fee for our services and offer a free initial consultation.

If you are an association treasurer and want to make sure your homeowners association is preparing its returns correctly, give us a call.