Homeowner and Condominium Associations
Homeowner and condominium associations are types of real estate organizations that are formed for the purpose of maintaining the association’s common property. There are several federal and state laws that are unique to homeowner and condominium associations, so working with experts within this field is crucial.
As a leader in the condominium and homeowners association industry, Currie & McLain, P.S. has been serving their association clients since 1996. Our team of certified public accountants specializes in this industry providing an array of accounting and consulting services, along with an expertise in the preparation of the related tax returns. Accounting services include financial statement audits and reviews and we can assist in the determination of which service is required for your association. Our firm is readily available to answer management and board questions and will address their concerns throughout the entire engagement.
We are licensed in Washington and Oregon and we provide accounting and tax services to condominium and homeowner associations in both states.
Did you know?
- All homeowner and condominium associations are required to file a federal tax return.
- Most homeowner and condominium associations are not exempt from taxes.
- Most states require some sort of disclosure of association’s finances.
- Many states require an association to have their financials audited or reviewed on an annual basis.
- Most homeowner and condominium associations have a choice in which federal tax return they file and filing the wrong one can result in thousands of dollars in unnecessary federal taxes.
- Reserve assessments may be subject to federal taxes if they are not properly segregated from operating assessments.