Frequently Asked Questions
When did the new condominium law go into effect?
The new law passed in 2013, but went into effect on January 14, 2014. This means that any condominium association with a financial year end after January 14, 2014 must comply with the new law.
Does the new law affect homeowner associations?
No. The change was only to Michigan's Condominium Act.
What is required for an independent CPA Review to be completed?
Associations wanting a Review done need to be able to supply the following, at a minimum:
What is required for the completion of an association federal tax return?
In order to complete a standard Form 1120-H association federal tax return, the following is required:
The new law passed in 2013, but went into effect on January 14, 2014. This means that any condominium association with a financial year end after January 14, 2014 must comply with the new law.
Does the new law affect homeowner associations?
No. The change was only to Michigan's Condominium Act.
What is required for an independent CPA Review to be completed?
Associations wanting a Review done need to be able to supply the following, at a minimum:
- Year end balance sheet and revenues & expenditures (profit & loss) statement
- Year end bank statements and bank reconciliations
- Year end accounts receivable and payable schedules that equal the amounts on the balance sheet
- Prior year end balance sheet and profit & loss statement, as well as CPA financial statements and tax return, if available
- Board minutes, if available
What is required for the completion of an association federal tax return?
In order to complete a standard Form 1120-H association federal tax return, the following is required:
- Association's tax ID number (if the association doesn't have one, we can assist in obtaining one)
- Association's year end profit & loss statement