Do you know that condominium associations:

• Need to file tax returns and annual reports each year
• Will be dissolved by the secretary of state for not filing annual reports
• Are required to provide 1099s to service vendors
• Often require officers to provide financial reports and budgets to members

 

Condominium associations are often self-managed by unit owners who are unaware of these and other requirements. Many times issues arise when a unit owner wants to sell his/her unit and discovers that the association is not in compliance with federal and state laws.

We can work with the owners and officers to prepare the proper filings and maintain the necessary records, including:

• Preparation of federal and state income tax returns, including prior year returns
• Preparation of 1099-misc forms
• Preparation of financial statements
• Preparation of annual reports
• Preparation of change of registered forms
• Preparation of documents necessary for reinstatement if the association has been dissolved
• Implementation of and training on QuickBooks accounting software 

Condominium association services are provided on a fixed-fee basis so your association will know exactly how much it will cost and can budget accordingly.

 

 

 

 

MILANI & ASSOCIATES, LTD 4413 MAGNOLIA CHICAGO, IL 60640 (773) 506 6500