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HOA Pulse
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Capturing the pulse of the homeowners association industry, HOA Pulse is the online community of the community association industry.
Capturing the pulse of the homeowners association industry, HOA Pulse is the online community of the community association industry.

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We recently created a third new LinkedIn group, this one related to homeowners association reserve studies: "Condo and HOA Reserve Studies". 

The purpose of this group is to host a discussion forum on reserve studies related to the unique world of condominium and homeowners associations, timeshare, cooperative, and other associations. It also covers related topics such as maintenance, funding theories, and software.

Reserve studies are a key part of the financial planning for associations. Failure to adequately plan or assess members can result in special assessments, one of the most disruptive forces affecting association finances and members of the association. 

Long-term maintenance projects represent one of the largest expenditures for associations, yet they often receive little attention until it becomes time to make those expenditures. 

If association financial matters are not adequately addressed, money matters will always intervene into the higher level social aspects of community association living. 

Please join this open group by clicking the link below, and share your knowledge, start discussions, explore solutions, make comments, or ask questions.
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We have also created a new LinkedIn group related to tax aspects of homeowners associations: "Condo and HOA Taxes". 

The purpose of this group is to host a discussion forum on income tax matters related to the unique world of condominium and homeowners associations, cooperatives, timeshare, and other types of associations.

The discussions can go far beyond the familiar 1120 versus 1120-H topic, to discuss Form 990 for tax exempt associations and Form 1120-C for cooperative associations. Revenue Ruling 70-604 is always a favorite topic.

Association income taxes are far more complex than most people realize. Many consider taxes a boring subject, but it is a very important subject. Too many associations have discovered problems only AFTER the IRS selects them for a tax audit. 

Please join this open group by clicking the link below, and share your knowledge, start discussions, make comments, or ask questions. 
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We have created a new LinkedIn group related to financial aspects of homeowners associations: "Condo and HOA Finances". 

This group is intended for general discussions of association financial matters, from accounting methods, audits and collections to budgets and software. Association finances are a critically important topic. If the finances of an association are not working right, not much of anything is working right.

Please join this open group by clicking the link below, and share your knowledge, start discussions, make comments, or ask questions.
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HOA Pulse has more full text court cases than any other site in the industry. Read about new cases this week, as well as our featured article "The 2012 Syndrome and Reserve Funding" and other web articles, in this week's "HOA Pulse News". 
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Those who suffer from the "2012 syndrome" (so named from the inaccurate belief that the world would end on Dec. 21, 2012, as the Mayan calendar predicted) tend to use denial as an excuse for not taking action today. In the community association world, we mostly see this in connection with reserve planning. Find out why it's critical to plan ahead and set aside an appropriate amount of money to fund your association's future expenditures. 
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In 50 recent IRS audits of associations, two Form 1120-H audits resulted in no additional taxes being assessed, while ALL 47 of the Form 1120 tax audits resulted in additional taxes being assessed. Find out why in our latest issue of "HOA Pulse News", along with new court cases and web articles.
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Each tax season, homeowners associations must make the choice between using Form 1120 or Form 1120-H. Many, not realizing they had tax exposure on their prior year Form 1120 tax returns, need to be educated as to the risks inherent in that form, and convinced that the minor additional tax they would pay on Form 1120-H should really be viewed as buying an insurance policy against a future tax assessment. 
 
In fact, in 50 recent IRS audits of assocations, two Form 1120-H audits resulted in no additional taxes being assessed, while ALL 47 of the Form 1120 tax audits resulted in additional taxes being assessed. Learn how to protect your organization below. 
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If you want to stay on top of the pulsebeat of the HOA industry, read our latest newsletter, "HOA Pulse", which includes recent web articles and new court cases.
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While it may take new homeowners some time to get up to speed on their Association's finances, it is important for them to look over the budget and understand their obligations before purchasing.

At the same time, there may be room for improvement regarding the format in which associations present their financial information. Using an activity-based management format would be one such concept. Learn more below.
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We keep thinking that the issue of filing Association tax returns is so well-settled and well-documented by numerous articles on the subject that we shouldn't have to address it again. But apparently we were wrong.

The answer is YES, associations do have to file income tax returns. Failing to file tax returns caused the Association in this article major problems.
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