Taxation

 Our expertise and knowledge in the area of Association taxation is well known. We have written a number of articles on tax planning for the Community Associations Institute and the District of Columbia Institute of CPAs, as well as conducting seminars on taxation to other CPAs at national conferences.

Generally, all condominiums, homeowners associations and cooperatives must file annual federal and state income tax returns. We prepare these returns once the audited financial statements have been completed. We are also available to provide income tax- only services to associations that prefer not to have an audit completed.

For our Maryland clients that are incorporated, we prepare annual personal property returns. These returns are necessary in order to maintain the corporate charter. If for any reason, the corporate charter has been forfeited, we are also available to prepare the necessary corporate charter revival forms.

When requested, we prepare tax basis letters for certain clients. Tax basis letters may be used to provide the unit owners with a way to increase the basis in their individual units when a unit is sold and the unit owner experiences a taxable capital gain situation. The letter details the qualified replacement reserve contributions or expenditures over the life of the association.

Are you having trouble getting an income tax refund for your association? We can help. We can send a letter to the IRS or to the state, and request a statement of account on behalf of the association.

Have you received an income tax notice from the IRS or from the state? We can help. We can analyze the notice and send a response, if necessary, on behalf of the association.

For our cooperative clients, we are available to prepare the annual 1098 forms. If your cooperative is interested in this service, we ask that you contact us no later than October 31st. This will allow us time to plan our schedule in order to meet the IRS deadline of January 31st.