An accurate, timely tax return is an important part of finishing a year well for an Association. We prepare Tax Returns for both our Financial Management Only clients as well as Associations we do not manage. We utilize Federal form 1120H specifically for Homeowner Associations. Sadly, many Accounting firms don’t even know that form 1120H exists and simply file an Association on Form 1120 just like a C-Corp. The 1120 form deprives the Association of certain protections and rights as Association and subjects them potential tax consequences that could otherwise be avoided. In order to use the 1120H your Association’s return must be filed by March 15th.
Valley Accounting & Tax has been partnering with its sister company, Keller Property Management for over a decade to bring expert services to Homeowner Associations who just need help with the financial side of running the Association. We understand the unique rules, laws, challenges and processes associated with Association Management. Terms like “Declarant”, “Lien”, “Special Assessment”, “Reserves”, “Ice Dam”, “Common Area”, “CID” etc. don’t phase us because we live it every day with our clients.
You may not be ready to go to Full Management just yet, and that’s o.k. when Valley Accounting & Tax and Keller Property Management are your Financial only partner.