HOA Tax Return & Preparation Sandy Springs, FL
Reliable Tax Return Services in Sandy Springs
HOA Tax Preparation Sandy Springs
Tax preparation can be a daunting task for expansive HOA communities. While it is a one-time event, preparing financial records, reconciling accounts, and calculating tax returns can overwhelm the individual tasked with the responsibility. As such, most associations turn to us for professional HOA tax prep services in Sandy Springs.
Our goal is to ensure your HOA is tax-compliant. We have more than adequate understanding of federal and state tax laws, making it easy for us to prepare your HOA’s tax returns for filing with the IRS. We will certify your financial statements, conduct necessary audits, and calculate your tax dues for easy filing. We also offer advisory guidelines for HOA taxation, ensuring your association has no significant tax liabilities.
Homeowners Association Tax Return Sandy Springs
Aside from tax planning and preparation, we also file tax returns for HOAs. Our reliable HOA tax return service in Sandy Springs is systematic,
, ensuring your HOA complies with regulatory and legal obligations. It entails computing and calculating your financial data to determine your tax dues. We will also assess your income and expenditure to establish if your association qualifies for tax exemptions.
Filing can only take place after reviewing your financial records for accuracy. Our keen-eyed accountants will inspect all relevant documents and make the necessary corrections promptly. We will also help your association decide which tax forms to file based on your unique tax and civil obligations. If your association requires more time to file tax returns, our team will apply for an automatic extension with the IRS.
Call Abel Accountants Now for a Free Community Assessment
Comprehensive Homeowners Association Accounting Services
Financial statement preparation
Provide regular financial statements that accurately reflect the organization's financial health.
Income and expense tracking
Track all income and expenses to ensure the completeness and accuracy of the HOA's financial records.
Compliance support
Help HOAs meet their legal and regulatory obligations by providing guidance on relevant rules and regulations.
Customized solutions
Tailored services that meet the specific needs of each HOA.
Auditing and assurance services
Auditing and assurance services to verify the accuracy and reliability of the HOA's financial statements and other financial records.
Professionalism and expertise
Experienced and knowledgeable professionals who can provide high-quality accounting services to support the financial stability of the community.
Get Expert HOA Tax Services in Sandy Springs
Tax preparation can be an unwanted but inevitable burden for most HOAs. Fortunately, Abel Accountants are here to lift some of that burden from you with our reliable HOA tax services in Sandy Springs. Call us now, and let us address your HOA taxation needs.
FAQs About HOA Tax Services Sandy Springs
Can an HOA get out of filing Form 1120?
HOAs registered as corporations must file Form 1120. They can get out of it by registering afresh as a non-profit organization, allowing them to file Form 1120-H. They can also bypass Form 1120 if 60% of their annual income comes from membership fees, dues, and special assessments and 90% of their revenues go to maintenance and operational costs.
What happens if an HOA hasn’t filed tax returns for a number of years?
The association can correct this issue by determining the number of missed years, filing the most recent tax return, contacting the IRS to know if filing Form 1120-H for the skipped years is possible, and filing all outstanding tax returns.
Do HOAs need to hire a CPA for tax preparation?
Hiring a reliable CPA for tax preparation comes with numerous benefits for HOAs. The accountant will gather and review all relevant documents for accuracy. They also calculate your association’s tax dues and determine what tax forms to file. Professional tax preparation can pay for itself since your association doesn’t incur more costs in fines.
Can an HOA file for an extension?
Yes. An HOA can file for an automatic extension by filing Form 7004. However, the association must submit the request before the tax return deadline. It doesn’t need approval and provides an additional six months for the HOA to file tax returns.