HOA Accounting and Management Articles and Advice
Tax season is always a stressful time of the year. One of the questions HOA residents commonly ask is, “Are HOA fees tax deductible?” The answer, though, is not as simple. In this article: Are HOA Fees Tax Deductible?Are Condo Fees Tax Deductible?Can You Write Off HOA Fees If You Work from Home?Are HOA…
The coronavirus outbreak has led to temporary business closures and a reduction of workdays. As a result, more homeowners are unable to pay their HOA dues. This is when HOA remote management during coronavirus becomes all the more important. In this article: Benefits of HOA Remote Management During Coronavirus The Importance of HOA Dues…
The coronavirus outbreak has forced many businesses to redefine the way they hold meetings. Homeowners associations are not exempt from this. Because board members make decisions during board meetings, most HOAs are concerned about halting operations amid the outbreak. But through HOA remote meetings, your HOA can continue to run without hindrance. In this…
Managing and overseeing the finances of your HOA should be one of the board’s main priorities. That said, many HOA board members may not have experience with HOA financial reports. If you still have questions about financial reports of your association, here’s what you need to know. In this article: HOA Financial Reports and…
Buying or selling a house within a homeowners association is not always easy. There are several moving parts involved, including having to provide a resale certificate. But, what even is an HOA resale certificate in the first place? In this article: What Is an HOA Resale Certificate?Who Prepares the HOA Resale Certificate?Can an Association…
Like any organization, homeowners associations are vulnerable to crime and theft. While establishing internal controls can certainly help ward off fraud, these controls are often not foolproof. This is where fidelity bond coverage comes in handy. In this article: What Is Fidelity Bond Insurance?Why Do Homeowners Associations Need Fidelity Bond Coverage?What Should HOA Fidelity…
Tax season is always hectic and confusing, especially if you have no experience with it. Like many other organizations, homeowners associations also need to file Form 1099-MISC, even if you are classified as a non-profit. Learn more about this important IRS form below. In this article: What Is IRS Form 1099-MISC?The Difference Between Form 1099-MISC…
The coronavirus outbreak has financially impaired Americans nationwide, affecting homeowners associations in the process. To avoid financial ruin, it is imperative to learn how to modify your HOA budget during the pandemic. In this article: The Importance of Adjusting Your HOA Budget During the PandemicWhat to Cut From Your HOA Budget During COVID-191. Cancel or…
Tax season is always a stressful time of the year. One of the questions HOA residents commonly ask is, “Are HOA fees tax deductible?” The answer, though, is not as simple. In this article: Are HOA Fees Tax Deductible?Are Condo Fees Tax Deductible?Can You Write Off HOA Fees If You Work from Home?Are HOA…
As an HOA board member, finding vendors for your HOA is one of your most important duties. Unfortunately, many boards opt to settle for cheap vendors that deliver poor results all in the name of saving the association money. What these boards don’t know, though, is that vendor selection can impact the HOA’s bottom line.…
Christmas lights have always been and always will be part of homeowners association holiday decorations. However, it’s still important to establish holiday lighting rules to maintain the aesthetics of your community. Here’s how to determine which rules are fair and which aren’t. Why Do You Need Holiday Lighting Rules? Decorating your home with Christmas…
Homeowners association insurance is a costly but a worthwhile expense because it offers financial protection in cases of damages or losses within the community. However, there are still plenty of HOA boards that do not realize the importance of HOA insurance. To ensure that your community is adequately protected, here are the most important HOA…
Part of residing in a homeowners association community is having to pay regular dues and the occasional HOA assessment. But, what is an assessment fee anyway? And does it really differ from HOA dues and fees? In this article: What Is an HOA Assessment?How Are HOA Assessments Determined?Can You Write Off Special Assessments?How to…
Is your homeowners association charging you an initiation fee? Are you wondering if the association even has the right to impose such a fee against you? Here is everything you need to know about an HOA initiation fee. In this article: Understanding the Legalities of an HOA Initiation FeeDifferentiating Between an HOA Initiation Fee…
