HOA Books, LLC - Community Association Accounting

?? Exciting News ?? We’re proud to announce that we will be attending the Bisnow South Florida Condo Summit on April 16th at the DCOTA - Design Center of the Americas in Dania Beach, FL! A full day dedicated to discussing trends, developments, luxury brands, HOA dynamics, structural safety, and more! ?? Event Details: ??Venue: DCOTA - Design Center of the Americas 1855 Griffin Rd, Dania Beach, FL 33004 (Atrium - Ground Floor) ??Date: April 16th, 2025? ??Agenda: Check it out on the event page via the link in the attached flyer. ??? Special Offers: ??HOA board members can attend for free! Use the registration link in the attached flyer. ??Attendees can enjoy 20% off tickets with our code: C206ki58jV We’re excited to meet and collaborate with professionals, board members, and homeowners dedicated to making a positive impact in the HOA and condominium industry. Let’s connect at the summit! #HOABooks #CondoSummit #SouthFlorida #CommunityLeadership #Networking #HOAProfessionals #Bisnow #CommunityAssociation #Accounting #HOA #CondominiumAssociation

Income Tax for Associations: What's Tax Exempt vs. Taxable? ???? Navigating the complexities of income tax for HOAs and Condo Associations can be challenging, especially when it comes to distinguishing between tax-exempt and taxable income. Proper classification is key to compliance and financial management. Need guidance? Our team at HOA Books is here to ensure your association remains compliant while optimizing tax strategies. Reach out at [email protected] for expert support! #CommunityAssociations #HOATax #FinancialManagement #TaxCompliance

? Insights from Our SIRS Reserve Talk at The Cooperator Condo Expo South Florida? We’re excited to share some highlights from Pablo Maida, CPA’s presentation! As the CPA and founder of HOA Books, LLC, he focused on bringing transparency and integrity to financial reporting for homeowners and condominium associations. With over 20 years of accounting expertise, Pablo shared valuable strategies on managing SIRS funds effectively—covering topics like bookkeeping practices, proper allocation, and maintaining compliance. His insights focused on simplifying complex financial reporting and ensuring clarity for boards and homeowners alike. Check out these moments from his presentation! If you missed this session and would like to learn more about reading, preparing, and presenting financial statements with a focus on SIRS reporting, feel free to reach out to us at [email protected]. We’re here to help! #SIRS #HOABooks #FinancialReporting #CondoAssociations #CommunityManagement #Bookkeeping

Preparing your HOA or Condo Association for an audit can feel overwhelming, but with the right approach, it becomes an opportunity to showcase transparency and financial responsibility. In our latest article, we share actionable tips and best practices to help associations get audit-ready. From maintaining accurate records to leveraging expert support, this guide covers everything you need to know to pass audits with confidence. At our firm, we specialize in helping associations streamline their financial processes and prepare thoroughly for audits—although we don’t conduct them ourselves. Click below to learn how your association can stay on top of its finances and approach audits with ease. #HOA #CondoAssociation #AuditPreparation #FinancialTips #AccountingSolutions #Bookkeeping

2025 Annual Report Filing for Florida Businesses: Beware of Unofficial Communications It's important to be aware of deceptive communications that impersonate the Florida Department of State's Division of Corporations (Sunbiz). These scams often involve fraudulent emails or letters designed to mislead businesses into paying unnecessary fees or providing sensitive information. Common Scam Tactics: - Fake Annual Report Notices: Scammers send emails resembling official Sunbiz communications, urging businesses to file annual reports through their services for a fee. - Solicitations for Unnecessary Services: Businesses receive official-looking notices requesting payment for services such as "Annual Minutes" or "Annual Corporate Record Forms," which are not required by the state. How to Identify Legitimate Sunbiz Communications: - Official Website: Always use the official Sunbiz website (sunbiz.org) for filings and information. Be cautious of websites with similar names but different domains. - Email Verification: Official emails from the Florida Department of State will come from a legitimate '@dos.myflorida.com' email address. Be wary of emails from unfamiliar or suspicious addresses. - Required Filings: The state does not mandate the filing of "Annual Minutes" or "Annual Corporate Record Forms." Any solicitation suggesting otherwise is likely a scam. Protective Measures: - Verify Correspondence: If you receive a suspicious email or letter, contact the Florida Department of State directly to confirm its legitimacy. - Report Scams: Report fraudulent communications to the Florida Department of State and the Florida Attorney General's Office. - Monitor Business Filings: Regularly review your business's filings on the official Sunbiz website to ensure no unauthorized changes have been made. If you have any concerns or need assistance in verifying the legitimacy of any correspondence related to your business filings, please feel free to reach out to us at [email protected]. We're here to support you in safeguarding your business against fraudulent activities.

Important Reminder: 2025 Annual Report Filing for Florida Businesses At HOA Books, we want to remind all Florida business owners and associations about the upcoming deadline to file your annual report with the Florida Department of State. Timely filing is extremely important to maintaining your active status and avoiding penalties. Key Details: - Filing Period: January 1 to May 1, 2025. - Deadline: May 1, 2025, at 11:59 PM EST. - Late Fee: A $400 penalty applies to profit corporations, LLCs, LPs, and LLLPs if filed after May 1. Non-profit corporations are exempt from this late fee. - Consequences of Non-Compliance: Failing to file by the third Friday of September may lead to administrative dissolution or revocation of your business entity. Filing Fees: - Profit Corporation: $150.00 - Non-Profit Corporation: $61.25 - Limited Liability Company (LLC): $138.75 - Limited Partnership (LP) or Limited Liability Limited Partnership (LLLP): $500.00 How to File: 1. Gather Information: Ensure you have your entity's document number and Federal Employer Identification Number (FEIN) ready. 2. Access the Filing Portal: Visit the official Sunbiz website to file your annual report online. 3. Complete the Report: Update or confirm your business information, including principal office address, mailing address, registered agent details, and officer or director information. 4. Submit Payment: Pay the appropriate filing fee using a credit card, debit card, or Sunbiz E-file Account. Important Considerations: - Timely Filing: Submitting your annual report on time avoids late fees and ensures your business remains active. - Accurate Information: Review and verify your information for accuracy before submission. - No Changes After Submission: Once submitted, the annual report cannot be changed, removed, canceled, or refunded. If you have any questions or need assistance with the filing process, please don't hesitate to contact us at [email protected]. We're here to support you in maintaining your business's compliance and success.

Reminder: Renew Your Miami-Dade Community Association Registration As a community association operating in Miami-Dade County, it's important to stay compliant with local regulations by renewing your registration annually. Renewals are typically due 12 months after your original registration date. Renewal Process: - Notification: You should receive an email from the Miami-Dade RER Permits & Reviews System with renewal instructions. - Online Submission: Renewals are processed through the Miami-Dade County online portal. Ensure you have a miamidade.gov account to access the system. - Required Documents: Prepare the following in PDF format: - Updated contact information (if changed) - New budget - Latest financial statements - Updated officer/director information - Details of newly planned capital projects - Certificates of insurance - Any other amended documents from your previous registration - Fees: The initial annual fee is $50, with an additional $1.50 per unit for associations with more than 25 units. Ensure timely payment to avoid penalties. Tips for a Smooth Renewal: - Timely Preparation: Start gathering necessary documents well before your renewal date to ensure a seamless process. - Accurate Information: Double-check all details to prevent processing delays. - Stay Informed: Regularly check your email and the official Miami-Dade County website for updates or changes to the renewal process. Maintaining an active registration is important for your association's compliance and continued operation within Miami-Dade County. If you have any questions or need assistance with your CAR Renewal, please don’t hesitate to reach out to us at [email protected]. We’re here to help you navigate these requirements and ensure your association remains compliant. Stay proactive and ensure your association's registration is up to date!

Reminder: Renew Your Miami-Dade Community Association Registration As a community association operating in Miami-Dade County, it's important to stay compliant with local regulations by renewing your registration annually. Renewals are typically due 12 months after your original registration date. Renewal Process: - Notification: You should receive an email from the Miami-Dade RER Permits & Reviews System with renewal instructions. - Online Submission: Renewals are processed through the Miami-Dade County online portal. Ensure you have a miamidade.gov account to access the system. - Required Documents: Prepare the following in PDF format: - Updated contact information (if changed) - New budget - Latest financial statements - Updated officer/director information - Details of newly planned capital projects - Certificates of insurance - Any other amended documents from your previous registration - Fees: The initial annual fee is $50, with an additional $1.50 per unit for associations with more than 25 units. Ensure timely payment to avoid penalties. Tips for a Smooth Renewal: - Timely Preparation: Start gathering necessary documents well before your renewal date to ensure a seamless process. - Accurate Information: Double-check all details to prevent processing delays. - Stay Informed: Regularly check your email and the official Miami-Dade County website for updates or changes to the renewal process. Maintaining an active registration is important for your association's compliance and continued operation within Miami-Dade County. If you have any questions or need assistance with your CAR Renewal, please don’t hesitate to reach out to us at [email protected]. We’re here to help you navigate these requirements and ensure your association remains compliant. Stay proactive and ensure your association's registration is up to date!

South Florida Condo Expo Recap In December, we were happy to attend the Cooperator South Florida Condo Expo, where we connected with incredible board members, property managers, and industry professionals dedicated to improving condominium communities. The event was a fantastic opportunity to exchange ideas, share insights, and discuss innovative solutions for managing condo associations effectively. It was inspiring to meet so many people committed to excellence in their communities! A big thank you to the organizers and everyone who stopped by to chat—we truly value the connections we made. Looking forward to seeing how these conversations grow into opportunities to collaborate in 2025! #HOAAccounting #CondoManagement #SouthFloridaExpo #Networking #Bookkeeping

Attention HOA and Condominium Boards: Essential 1099 Filing Requirements and W-9 Collection As the fiscal year concludes, it's imperative for Homeowners Associations (HOAs) and Condominium Associations to adhere to IRS regulations concerning Form 1099 filings. Ensuring compliance not only avoids penalties but also maintains the financial integrity of your association. Understanding Form 1099-NEC and 1099-MISC Form 1099-NEC: Used to report non-employee compensation of $600 or more paid to independent contractors or service providers. Form 1099-MISC: Utilized for miscellaneous payments, including rents, awards, and other payments, also meeting the $600 threshold. Key Deadlines Recipient Copy: Must be provided to vendors by January 31st of the following year. IRS Submission: Paper Filing: Due by February 28th. Electronic Filing: Due by March 31st. citeturn0search8 Importance of Collecting Form W-9 To accurately prepare Form 1099, it's essential to collect a completed Form W-9 from each vendor. This form provides the vendor's Taxpayer Identification Number (TIN) and certification, ensuring correct reporting and preventing backup withholding. Best Practices Collect W-9 Forms Early: Request a completed W-9 from all vendors at the onset of your working relationship to ensure accurate records. Maintain Accurate Records: Keep detailed records of all payments made to vendors, including invoices and receipts, to support your filings. Review Vendor Expenses: Regularly review expenses by vendor to identify those requiring 1099 reporting. Be aware that not all vendor payments may appear on the balance sheet, especially if they are recorded as expenses elsewhere. Consult Professionals: Engage with a Certified Public Accountant (CPA) or professional experienced in HOA accounting to ensure compliance and accuracy. Consequences of Non-Compliance Failing to file required 1099 forms or submitting incorrect information can result in penalties up to $270 per form, with higher fines for intentional disregard.? By diligently collecting W-9 forms and accurately filing 1099s, your association will remain compliant with IRS regulations, thereby avoiding unnecessary penalties and ensuring financial transparency. Have Questions? Contact Us! If you have any questions or need assistance with W-9 collection or 1099 filing, please don’t hesitate to reach out to us at [email protected]. We’re here to help you navigate these requirements and ensure your association remains compliant. Written by: Nicolas Martín Gutierrez