Homeowners and Condominiums Associations
Beltsville, Maryland Accounting Firms
At Seruwage Consulting & CPA, our Beltsville, Maryland accounting firms prioritize professionalism, responsiveness, and quality. Trust us for outstanding service based on these principles.
At Seruwage Consulting & CPA, we specialize in delivering reliable accounting services tailored specifically for Homeowners and Condominium Associations. We understand that managing an Association’s finances involves numerous intricacies, but our expert team excels at effectively handling these complexities to ensure seamless administration of policies, thorough account reconciliation, and insightful data analysis. Our comprehensive range of services is designed to cater specifically to low, mid-rise, and high-rise condominiums; homeowner, sub, and master associations; timeshares; as well as developer-controlled associations.
Financial Statements Required in Beltsville, Maryland
In Beltsville, Maryland, our CPA firm is here to support you in preparing the necessary annual financial statements in compliance with the local regulations. As per Maryland statutes, your Association is obligated to produce financial statements that are reviewed and certified by a CPA firm, with the level of assurance determined by your Association’s annual revenues. Whether you require an audit, review, or compilation of your financial statements, we are here to simplify the process and save you valuable time. Rest assured, our team will prepare your financial statements in accordance with the required generally accepted accounting principles, ensuring accuracy and adherence to the standard practices.
Turnover Audits
At Seruwage Consulting & CPA, we recognize the critical significance of audits for Associations, particularly during the transition of control from the developer to the members. By conducting thorough turnover audits, our team ensures that your Association can have full confidence that the developer has fulfilled all its financial responsibilities to the Association before the handover to the members takes place. With our expertise, you can rest assured that the financial obligations of the developer to the Association have been met in a timely and accurate manner.
Tax Services for HOAs
At Seruwage Consulting & CPA, we understand the importance of accurate and compliant tax filing for your Association. Our skilled accounting team is well-equipped with the knowledge of your entity type and well-versed in both federal and state tax regulations. We offer comprehensive tax preparation services, including the preparation of Form 1120-H or Form 1120, based on specific criteria that apply to your Association. If you’re uncertain about your flat tax rate, whether it’s 15% or 30%, and which form is most suitable for your Association, our team is here to assist you. We work closely with you to identify opportunities for minimizing taxation and ensuring compliance with all relevant regulations and laws, helping you avoid overpayment while maintaining complete adherence to the rules.
How Our HOA Accountants Can Assist You
Just like our comprehensive offerings for small businesses across various industries, we provide flexible service options that align with your specific requirements. Whether you prefer an annual, monthly, or quarterly basis, our services are tailored to meet your needs. Our team of expert accountants possesses specialized knowledge in the essential elements that contribute to the efficient functioning of an Association. We are fully equipped to handle all of the following areas:
Managing Assessment Invoicing
Developing and Enforcing Collection Policies
Conducting Monthly Reconciliation of Accounts
Handling Comprehensive Payroll Processing
Monitoring and Tracking Accounts Receivable
Collaborating with Attorneys on Delinquent Owner Matters
Generating Monthly Financial Reports Customized for Each Community
Setting up Banking/Lock Box Systems and Integrating them with Your Accounting Program
Preparing Weekly and Bi-Monthly Accounts Payable
Performing Budget Analysis, Preparation, and Management, including Reserves
We are Trusted Homeowners and Condominium Association Accountants.
Contact Us Today!
Seruwage Consulting & CPA is proud to be affiliated with esteemed organizations. With our extensive memberships and expertise, we are committed to providing tailored accounting solutions that cater to the unique requirements of your HOA and CIRA. To initiate a consultation with our skilled accounting and tax professionals, simply reach out to any of our offices and we will be delighted to assist you