financial statement

HOA Accrual Accounting: Why It’s The Best For HOAs

Homeowners association accounting is a critical part of managing any HOA community. The key to successful accounting, though, starts at the beginning — choosing your accounting method. Among the three possible options, HOA accrual accounting remains unsurpassed.   What Is HOA Accrual Accounting? The accrual basis of accounting dictates that you should record revenues and…

form 1120-h

What You Need to Know About Form 1120-H

Are HOAs required to file tax returns? Even though they are non-profit organizations, all HOAs must still file their income tax return each year. In order to better understand the requirement, here’s everything you need to know about the homeowners association tax form, also known as Form 1120-H for HOAs.   What Is Form 1120-H…