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Homeowner Association – Condo Tax Part 4

20 Jan, by Jschultz in Accounting, Condo, Tax

Your Homeowner Association could be at risk if it is filing form 1120 instead of Form 1120H.  There are many requirements that a condominium association needs to follow if it is going to survive a IRS audit.  The following video is a great recap of…

Form 1120H vs 1120 – Part Three

20 Jan, by Jschultz in Accounting, Condo, Tax

Form 1120H is the form of choice for 98% of our condominium association clients.  Our firm prepares over 100 Form 1120H tax returns annually. We find that most HOA or condo associations do not fully comply with the requirement necessary in order to file Form…

Condominium Tax Issues – Part Two

20 Jan, by Jschultz in Accounting, Condo, Tax

We are often asked by those on the board of directors why does our association not file Form 1120 for its condominium tax return. My response is that we file Form 1120H for almost 98% of our association clients. Then I direct them to this…

Condo Tax Filing

19 Jan, by Jschultz in Condo, Tax

Schultz & Association prepares a condo tax filing for over 100 condominium associations annually. It is typical that when we start working for a new association that we have to inform them that they will no longer be filing Form 1120 and will be moving…

Schultz Firm Profile

26 Dec, by Jschultz in Accounting, Business, Condo, Life, Tax

We hope that our Schultz Firm Profile  is useful when a computer is not available. If you would like us to mail a color copy please let us know. Otherwise it is free to download. Typically the Schultz Firm Profile is accompanied with a proposal…

Tax Services

26 Dec, by Jschultz in Accounting, Business, Condo, Life, Tax

Tax Service Our new tax services slideshow. Schultz & Associates, Certified Public Accountants is a traditional accounting firm located in the heart of beautiful downtown Plymouth Michigan. We provide accounting, tax services, advisory services and financial statement preparation for individuals in the Metropolitan Detroit area….

Michigan Condo Act

19 Dec, by Jschultz in Accounting, Condo, Tax

Michigan Condo Act     History: 1978, Act 59, Eff. July 1, 1978 ;– Am. 1980, Act 283, Imd. Eff. Oct. 10, 1980 ;– Am. 1982, Act 538, Imd. Eff. Jan. 17, 1983 ;– Am. 1998, Act 36, Imd. Eff. Mar. 18, 1998   The…

Condo Financal Statements

21 Nov, by Jschultz in Accounting, Condo

      Condominium owners often wonder about their Association’s requirements when it comes to financial reporting.  While the Michigan Condo Act is vague when addressing this issue, the conservative approach suggests that the Association have their financial statements audited or reviewed annually by a…