First, I’d like to fully disclosure – I’m not an accountant, just an HOA Manager.
Now that’s out of the way, I can tell you one thing that many self-managed associations don’t get correct, is the need to file taxes. In general, while most Homeowner’s Associations and Condo Owners Associations don’t have to pay taxes, they do have to file each year, so the IRS knows what you are up to. This form is called the 1120-H.
As your Association property manager, we can work with your accountant or ours to ensure this form is filed for you on time each year.
This is one of the many things a professional manager will know about and be able to take care of you. Here at Property Management Int., we can work with self-managed associations to provide a customized and reasonably priced proposal to manage your association and ensure that you won’t be stuck in a “you-don’t-know-what-you-don’t-know” situation that gets you in trouble with the IRS!
Email msimmons@greaterphilapm.com or grab some time on our calendy for a discussion on how we can help you! https://calendly.com/msimmonspmi
