Condominium associations are responsible for maintaining the condominium buildings and other common areas. This is a massive undertaking and will generally involve reliance upon a number of outside specialists from various disciplines. Reporting financial results of operations to the association's members is a key factor in governing the association. We can help you with this process by providing your year end audited or reviewed financial statements.
Audits and Reviews of Financial Statements
Our experience with a wide variety of associations gives us the qualifications to work on virtually any type of association.
We were one of the first firms to move to a completely electronic set of audit workpapers. Our automated audit workpaper program is built on a MS Windows platform using MS Word and MS Excel and scanned images to create all workpapers, ensuring compatibility and easy transferability of information. Again, because we perform all procedures on the computer, we have become extremely efficient.
Association Taxation
Association taxation is one of the most complex areas of tax law, but we try to make it easy for you. As part of every audit or review engagement, we provide you with a comparison of taxes under either the Form 1120 filing method, or the Form 1120-H filing method. See our list of books and articles published elsewhere on this site for further information on taxation.
The subject of association taxation is so complex and so specialized that we have established separate websites that focus specifically on these matter. For more information, review Revenue Ruling 70-604.
