Business Details
Specialized CPA 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 unique needs of common interest realty associations (CIRAs). Through continuous process refinement, client education, and active involvement in industry groups, we have developed a streamlined approach that prioritizes client satisfaction. Our team combines deep expertise in accounting standards with practical knowledge sharing to ensure accurate, timely reporting. We maintain strict independence while fostering collaborative relationships to facilitate seamless document flow and knowledge exchange.Our involvement extends beyond audits, encompassing educational initiatives for boards and managers, participation in industry events, and contributions to professional literature. This specialized focus enables us to address complex accounting challenges while maintaining a client-centric philosophy centered on transparency and reliability. Our I-CUBED frameworkIntegrity, Involved, and Inspiredguides our operations, ensuring we remain responsive to client needs through trained professionals who anticipate requirements and deliver actionable insights. By aligning our processes with industry best practices and regulatory standards, we provide assurance services that empower associations to maintain financial accountability and governance excellence.
Services
Audit Services
Tax Compliance
Financial Reviews
Compilation Reports
AUP Engagements
Industry Education
Highlights and features
- 20+ years of exclusive focus on community association accounting
- Nationwide experience with 2,000+ associations and all property types
- Streamlined 5-step process for audit and tax engagements
- Dedicated team trained in CIRA-specific accounting standards
- Comprehensive educational resources for boards and managers
Services
Audit Services
We conduct comprehensive audits providing the highest assurance level for community associations. Our process follows GAAS standards, including risk assessment, evidence gathering, and reporting on financial statements. Services cover balance sheet verification, revenue/expenses analysis, and internal control evaluations. Clients receive audited financial statements with opinions on GAAP compliance.
Tax Compliance
Specialized tax preparation and advisory services for residential and commercial associations. We handle Form 1120-H, 1120, and 990 filings while addressing taxable income from non-member sources. Our experts optimize tax positions through revenue ruling applications and compliance strategies tailored to association needs.
Financial Reviews
Our review engagements offer limited assurance through analytical procedures and management inquiries. This service identifies material modifications needed for GAAP compliance without full audit scope. Clients receive review reports and proposed adjustments for financial statement accuracy.
Compilation Reports
We prepare compilation reports without assurance, focusing on presenting financial statements based on client-provided information. This service includes formatting financial data into GAAP-compliant reports while maintaining transparency about the lack of verification procedures.
AUP Engagements
Agreed-Upon Procedures engagements address specific client concerns through customized audit procedures. We collaborate with boards to develop targeted testing protocols for areas like special assessments or loan compliance, delivering factual findings without formal opinions.
Questions
What documents are needed for an audit?
Signed engagement letter, financial statements, bank records, aged receivables report, board minutes, governing documents, and prior audit reports are required for audit completion.
How long does an audit take?
Audit duration depends on association complexity, record completeness, and client responsiveness. Early document submission expedites the process.
What tax forms do associations file?
Most residential associations use Form 1120-H. Commercial properties file Form 1120, while exempt organizations use Form 990 with potential Form 990-T filings.
Why pay estimated taxes quarterly?
Quarterly payments prevent underpayment penalties and interest charges by meeting federal/state tax obligations throughout the year.
What is an allowance for doubtful accounts?
This contra-receivable account estimates uncollectible delinquent assessments, providing a realistic view of collectible receivables in financial statements.
How do accrual and cash accounting differ?
Accrual records revenues/expenses when earned/incurred. Cash basis records transactions when money exchanges hands. Modified accrual combines elements of both methods.
