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Accounting may seem like a complex idea, especially if you want to venture into business. However, managing and understanding the financial health of your business requires accounting expertise. With that in mind, accounting comes in two methods: single-entry and double-entry accounting. Business owners use either approach to recording financial transactions. It is advisable to work…

Businesses need to manage outstanding bills and invoices from suppliers in a streamlined fashion to ensure all debts are paid on time and recorded accurately. A professional homeowners association accounting in Atlanta can ensure an efficient accounts payable process to maintain healthy cash flow, strong supplier relationships, and overall financial stability. Let’s explore the most…

The Internal Revenue Service (IRS) 528 is a specific section of the tax code that applies to homeowners associations (HOAs). It was enacted under the Tax Reform Act of 1976 to provide an alternative to the tax-exempt status under 501(c)(4). If you are wondering about the tax obligations and exemptions available to your HOA, consult…

HOAs file tax returns as mandated by the Internal Revenue Service (IRS). Once this process is complete, an official record of the tax return information is issued. An IRS transcript is an official record of your tax return information provided by the IRS. The HOA tax return information verifies income for a mortgage application or…

Bookkeeping is the foundation of any HOA, regardless of size. Many organizations often hire professional HOA bookkeeping services to ensure accurate financial records, compliance with legal requirements, and informed decision-making. With different types of bookkeeping available, understanding each method is crucial for selecting the one that fits your organization’s needs. Here are the different kinds…