Expert HOA Tax Services in Atlanta
Homeowners associations in Atlanta might be non-profit entities but must still file tax returns like any other corporation. After all, they collect fees and other monies from members for operational and maintenance costs. HOAs must declare how much money they get in revenues and the amount they use for expenses. However, handling homeowners’ association tax returns in Atlanta is not for everyone. HOA taxation obligations can be complex, requiring the expertise of a professional HOA CPA. Here’s where Abel Accountants come in.
We understand that most HOAs do not have financial experts to handle their tax obligations. Many associations rely on volunteers to file tax returns. However, HOA taxation can be daunting for inexperienced members. A novice can fail to calculate the correct tax dues, use the incorrect tax form, or miss the due date for filing tax returns. These mistakes can be costly to the association’s financial well-being. We can help with our professional HOA tax services in Atlanta.
Meeting tax obligations requires adequate preparations. HOAs must gather and inspect all their financial records for discrepancies before attaching them to the relevant forms when filing tax returns. They must also understand the various tax forms applicable to the association and know how to calculate tax dues. Most importantly, HOAs must report payments to third-party vendors to be tax-compliant.
Abel Accountants offers specialized tax preparation services in Atlanta. We will review your association’s financial records for errors, reconcile your HOA accounts, and calculate your tax dues. We will also advise on what tax form to use and help your association to file tax returns in advance to avoid hefty penalties.
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Provide regular financial statements that accurately reflect the organization's financial health.
Track all income and expenses to ensure the completeness and accuracy of the HOA's financial records.
Help HOAs meet their legal and regulatory obligations by providing guidance on relevant rules and regulations.
Tailored services that meet the specific needs of each HOA.
Auditing and assurance services to verify the accuracy and reliability of the HOA's financial statements and other financial records.
Experienced and knowledgeable professionals who can provide high-quality accounting services to support the financial stability of the community.
Enlisting expert accounting for your homeowners’ association offers numerous advantages. We are eager to help your community reap these benefits through our world-class HOA accounting service. Schedule a preliminary meeting with our top HOA accountant and let us know how we can assist your association in attaining financial stability.
An Atlanta HOA can ensure compliance with tax regulations by preparing the required documents, reviewing financial records for errors, calculating tax dues, selecting the appropriate tax forms, and knowing when and where to file returns.
HOAs in Atlanta can use Form 1120 or Form 1120-H for filing tax returns. Form 1120 is the most complex, comprising several pages, and requires detailed financial records. Form 1120-H is straightforward and has tax benefits. However, HOAs can only qualify for Form 1120-H if 90% of the association’s expenses are for maintenance and 60% of its income is from membership fees.
Enlisting professional HOA tax services can help your association focus on administrative tasks while ensuring your HOA is tax-compliant. A tax expert will review your financial reports, calculate estimated taxes due, file taxes promptly, respond to IRS notices, and handle all the paperwork.
HOAs in Atlanta must file tax returns by the 15th of the fourth month after the end of the tax year ending December 31st or the 15th day of the third month after its financial year ending June 30th.