Business Details
Expert Audit & Tax Services for Community Associations
The HOA CPA Firm has dedicated over two decades to delivering audit and tax services tailored specifically for community associations nationwide. Our unwavering commitment to efficiency, integrity, and responsiveness has shaped our identity as a firm exclusively focused on the community association industry. Through continuous process refinement, client education, and active involvement in industry groups, we provide streamlined solutions that address the unique needs of over 2,000 associations annually.Our team combines technical expertise with practical insights to ensure compliance, transparency, and timely reporting, fostering trust with boards, management companies, and industry partners. By prioritizing client-centric workflows and maintaining rigorous adherence to accounting standards, we empower associations to navigate financial complexities with confidence.
Services
Audit
Review
Compilation
AUP Engagements
Tax Services
Client Education
Highlights and features
- We offer 100% focus on community association audit and tax services.
- Our team serves over 2,000 associations nationwide annually.
- We implement a streamlined 5-step client portal process for efficiency.
- Our staff provides industry-specific education and training resources.
- We maintain rigorous adherence to accounting and assurance standards.
Services
Audit
Our audit services provide the highest level of assurance for community associations. We conduct comprehensive examinations of financial statements in accordance with GAAP, ensuring accuracy and compliance. Our team identifies material modifications and delivers unmodified opinions when standards are met, supporting informed decision-making for boards and stakeholders.
Review
Review engagements offer limited assurance through analytical procedures and management inquiries. While less extensive than audits, these reviews identify potential material modifications to financial statements. We deliver concise reports highlighting necessary adjustments, ensuring associations maintain compliance with accounting standards while balancing cost-effectiveness.
Compilation
Compilation services focus on presenting financial statements without assurance. We apply accounting expertise to format data provided by management, ensuring clarity and adherence to reporting frameworks. This service is ideal for associations seeking technical presentation support without formal assurance requirements.
Tax Services
Our tax specialists handle federal and state filings for residential and commercial associations. We optimize tax positions through Form 1120-H or 1120 selection, address taxable income from external sources, and ensure compliance with IRS regulations. Services include return preparation, estimated tax planning, and exemption status management.
AUP Engagements
Agreed-Upon Procedures (AUP) engagements address specific client concerns through tailored investigations. We collaborate with boards to design procedures for areas like financial discrepancies or loan compliance, delivering factual findings without formal opinions. This service provides targeted insights for complex association-specific issues.
Questions
What information is needed for an audit proposal?
We require recent financial statements, prior audit reports, details about loans or litigation, and governance documents to assess your association's specific needs.
How long does an audit take?
Duration varies based on association complexity and document availability, typically requiring 4-8 weeks once all materials are received.
What tax forms apply to community associations?
Most residential associations use Form 1120-H, while commercial entities file Form 1120. Exempt organizations may require Form 990.
Why do audited financial statements differ from internal records?
Audit adjustments convert records to GAAP standards, including accruals, prepaid expenses, and allowance for doubtful accounts.
What is an allowance for doubtful accounts?
This contra-receivable account estimates uncollectible delinquent assessments, providing a realistic view of collectible balances.
How do accrual and cash basis accounting differ?
Accrual accounting records revenues when earned and expenses when incurred, while cash basis records transactions only when cash exchanges hands.
