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How About a Little Accounting Humor in the Form of a Meme? With the July 4th holiday weekend approaching, we think it’s a great time to have a little fun. Unless you've been living under a rock, you've seen a meme online or via a phone text message. And, if
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We asked our tax professionals to explain what worked and what didn’t work this past tax season. They offered the following insights into planning for the next tax year while allowing space and time for the unexpected. The Internal Revenue Service (IRS) is working hard to keep up. For example,
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Ah, insurance. You don’t need it until you need it. Excellent quality insurance coverage is necessary to protect your community association from some of life’s worst rainy-day situations.  Without the proper coverage, you risk paying damage, loss, theft, or legal fees out of your HOA funds or even being held
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As a property manager or community association board member, sometimes it’s tough to remember that associations are businesses. Some of them are pretty large, with hundreds of thousands of dollars in dues collected and expenses paid each year. That requires regular, proactive monitoring to ensure that issues, like mistakes or
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cell phone with financial apps on it
Are you a business owner or gig worker who accepts payment through Venmo, PayPal, Cash App or another digital payment app? If so, there’s a new IRS law effective January 1 that changes reporting requirements for money received through these apps when using a business account. Don't be alarmed, this
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wood block shaped like a house with the words homeowners association on it
If you read our articles, you may remember some of these financial horror stories:  Board member skims thousands of dollars from dues payments.  Vendor double-bills pool maintenance expenses. Property manager steals $300,000 by fabricating financial statements. Developer empties the reserve fund to cover operating expenses.   Even the most active, cautious
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woman working at a desk in a home office
If you worked from home during 2021, you may be wondering if you can deduct any expenses related to setting up your home office. The answer depends on whether you were an employee or an independent contractor. But home office expenses aren’t the only tax issue to consider when working
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red cartoon house with gold coins stacked in front and tax forms behind
You may not owe, but you still need to file!  Especially with self-managed communities, there seems to be a lot of confusion and questions about community association taxes and tax returns. The bottom line is that community associations need to file federal tax returns, and most are now due on
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six plastic houses surrounding blocks spelling H O A
All over Georgia, new “volunteers” are preparing to take their seats on an HOA or community association board of directions. Most boards have some, if not a majority, or seats turn over each year, with new board members voted in at annual association meetings. Board members play a critical role,
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