Assistance with Tax Returns & Audits for Community Associations in Maryland
For the board members of a homeowner’s association or a condominium association, filing tax returns and conducting internal audits is a tedious but necessary part of effectively managing the association. These steps ensure that the association complies with all federal and state tax laws while providing a more detailed evaluation of the association’s financial status.
At Tidewater Property Management, we can provide expert assistance and advice for homeowners associations, condominium associations, and cooperatives as they navigate through the process of filing tax returns or completing an audit. We will work directly with your chosen CPA and personnel through every step of the process, and with nearly 30 years of association management experience, you can count on our team for professional, accurate advice. We serve community associations throughout Maryland, Virginia, and the Washington, DC area, providing quality association management services that include meeting management, assessment collection, vendor management, bookkeeping services, maintenance services, and more.
To learn how we can help with tax returns and audits at your Maryland HOA or COA, call Tidewater Property Management today at (800) 761-5977 or contact us online.
Tax Return Services for Community Associations
Whether your community association has mostly exempt income, such as membership dues, or it has some taxable income, it is necessary to file a tax return every year with both federal and state authorities. At Tidewater Property Management, our experts can work with your team to ensure the process is completed properly and efficiently. Our experts can provide help with:
- Collecting and reviewing association minutes
- Gathering payment records, receipts, invoices, contracts, bank statements, and bills
- Reviewing and organizing all documentation
- Communication with the IRS and state tax agencies
- Preparation of 1120, 1120-C, or 1120-H forms
- Preparation of applicable state tax forms
- Preparation of late or delinquent tax returns
- And more.
We have extensive experience with the tax requirements for community associations, and we can provide your board with the information it needs to remain compliant.
For help with your association’s tax returns in Maryland, Virginia, or Washington, DC, contact us today!
Audit Services for Community Associations
Periodic audits help to ensure your community association is on a firm financial footing. Whether your association’s governing documents require it or not, it is a good idea to have at least a review done every year, and a professional, in-depth audit performed every few years. At Tidewater Property Management, we can work with your CPA and audit team to:
- Collect and review meeting minutes, governing documents, and contracts
- Gather documents like invoices, receipts, bank statements, and bills
- Review the association’s books and financial statements
- Check for errors or discrepancies in financial records
- Review accounting and bookkeeping procedures
- Review financial controls and procedures
- Generate reports detailing the audit results and recommendations
Whether your association is conducting a compilation, a review, or a full audit, our management experts can help with every step of the process. With our extensive network of service providers, we can also recommend the best CPAs and tax professionals for your needs and budget.
Contact us today for cost-effective, professional audit assistance in Maryland!
Schedule Tax Return & Audit Services in Maryland
When your association needs help with a tax return or audit, trust our team at Tidewater Property Management. Since 1989, we have been helping community associations operate more effectively, cut costs, and keep their membership satisfied.