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1099-K Confusion on the Horizon

1099-K Confusion on the Horizon

The American Rescue Plan Act of 2021 lowered the filing threshold for payment processors and credit card companies from 200 transactions or $20,000 to just $600 for 2022 — but the IRS delayed the effective date until 2023.
Because of this taxpayers that use credit card processors PayPal, Venmo and Zelle are going to be receiving a 1099-K for 2023 — even if they only have a few transactions. Worse yet, the IRS is going to be looking to match the income reported on these 1099-Ks to the tax returns filed by these taxpayers.

What can taxpayers do?

What can taxpayers do?
Start by letting the payment originators know to mark the payments that are not business related (should not be income and subject to tax) as personal on the chosen platform. If you end up picking up the lunch tab and being reimbursed through Venmo or Zelle be sure to remind your friends to mark the transaction as non-business. This also holds true for gifts, reimbursements, and other non-taxable payments.

At tax time be sure to share these documents, like all tax forms you receive, with your tax professional, so they can see that income reported on 1099-Ks is properly reported on your tax return.

One thing we as tax professionals are sure of is that these 1099-ks are going to generate a lot of confusion for taxpayers in addition to a lot of IRS notices that will need to be delt with long after the 2023 returns are filed.

Learn more on this week’s blog post:

https://www.rmsaccounting.com/2023/08/08/1099-k/

 

Find other fantastic articles and Accounting information:

 

 

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How To Seal Pavers For a High Gloss Wet Look | Brick, Driveway & Concrete Pavers

How To Seal Pavers For a High Gloss Wet Look | Brick, Driveway & Concrete Pavers

  • Posted: Aug 14, 2023
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A bit of gloss on your driveway gives it a beautiful, just-finished look that will last for a long time if done correctly. Click the link for our tips on how to seal brick and concrete driveways, and be sure to contact us today for all of your indoor or outdoor flooring needs!

Looking for a wet look, gloss appearance that brings out the colors in your pavers?  Do you want something that holds up to sun and weathering for 2 to 3 years – or more?

You’re in the right place.  To get the results above, it’s important to understand how to seal pavers… and why.  We’ve got your answers below.

Details below. Click to go there now.

It’s Easier Than You Think To Seal Your Pavers

After 18 years of dealing with the question of how to seal pavers the right way, my best recommendations are as follows:

  1. Spray apply rather than roller apply.
  2. Use water based sealers rather than solvent based.
  3. Use urethane sealers rather than acrylic sealers.

Let’s expand on these 3 guidelines a little further. (And here’s a quick video to show you what we mean.)

Spray Application vs Roller to Seal Pavers

While roller applying a sealer is easier than spraying, roller application does not work as well on pavers compared to something like concrete.

The biggest drawback when rolling sealer on brick pavers is that the roller can pick up the joint sand and roll it over the top of the brick paver surface.  This is especially true if the joints are wide. Furthermore, the amount of sealer that soaks into the sand joints is difficult to control when rolling.

How Much Sealer Do I Apply

Apply a flood coat to the paver surface including the joints. This method will apply the sealer very generously while allowing the sealer to soak into the sand joints as well.

As long as you apply the paver sealer on a windless day, the coverage can be generous and effortless.

If you really can’t get a pump up garden sprayer, opt for a sponge-type roller to apply the sealer. A nap roller is more likely to grab and trap your joint sand.

Water Based Sealer vs Solvent Based

Solvent based sealers are bad for the environment! Manufacturers are gradually moving away from these type products.

Regardless, solvent based sealers are more difficult to spray apply than water-based sealers, and they don’t really seal the joint sand, as well as the water based products.

The solvent based sealer tends to seal only the top surface of the sand compared to the water based, which soak down deeper into the sand.

From our lead chemist:

” While solvent-based sealers can produce a nice high gloss surface, they can also make the surface slippery if applied too thick

Also the gloss finish, typically burns off after 6 months of exposure to the sun. “

Water based acrylic sealers eliminate the issues with using solvents and are better at stabilizing joint sand to prevent sand loss.

However, it is important to use a high solids acrylic sealer or a urethane modified acrylic sealer, otherwise they fade and lose the glossy appearance after 6 months to a year.

Polyurethane vs Acrylic

Water based polyurethanes are a tougher sealer than acrylics and are more UV resistant and chemically resistant.

They don’t yellow, perform better outside and they are more resistant to chemicals oil, brake fluid, and chlorine.

The best water based polyurethanes are 2-part products (Part A and B requiring mixing). These 2-part polyurethanes when mixed together chemically cross link to form a paver sealer that is highly durable and long lasting when exposed to sunlight and/or freeze thaw.

A big plus is that they are much less sensitive to moisture. You can apply a 2-part polyurethane water based sealer as soon as you finish pressure washing. We call it “same day” sealing.

” The down side of using 2 part polyurethanes to seal pavers is that they are more expensive.  And once you have mixed them, you have to use them.  There is no shelf life or coming back the next day to seal pavers, with left over mixed product. 

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International Subsea Services LLC – Lake Bank and Pond Stabilization Contractors !

International Subsea Services LLC – Lake Bank and Pond Stabilization Contractors !

Lake Bank and Pond Stabilization Contractors !

It is indeed sad to see beautiful water bodies being turned into a natural disaster due to pollution and natural occurrences. With our services, you can restore them to a beautiful, normal condition, thus experiencing the happiness and healthiness of a healthy environment that has been evading you for so long. Over the past decades, we have gained extensive knowledge and skills in shoreline and hillside water bodies restoration and preservation. We have more than 20 years of local experience in the commercial industry and we have gained experience and expertise that can give considerable assistance to clients, according to their specific needs.
Here is a look at what we offer for lake bank and pond stabilization and installation:
~Specialized knowledge in various types of subsea solutions.
~Licenced dealer in Dredge Sox products.
~Solutions for environmental assets maintenance like shoreline restoration, wetland mitigation, debris removal, etc.
~Use high-quality and latest equipment by expert staff when implementing a solution.
~High Quality inspection services that report on the result of measures set in place to protect the lake bank and pond environment.
Call today to schedule a free onsite estimate !
(832) 257-0813
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6 Community Association Management Trends to Watch in 2023

6 Community Association Management Trends to Watch in 2023

  • Posted: Aug 09, 2023
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Interesting research on the community association industry. Especially, given that seventy-eight percent of new homes for sale are located in community associations. There are 358,000 associations across the country, and it’s estimated that 5,000 more will be formed in 2023. Here presented are six trends that CAMs and boards are likely to see, including the absence of new board members. However, I think it is less to do with apathy than before Surfside and more to do with risk associated with a voluntary, unpaid, thankless job.


As part of our cross communications with other groups we are posting this for our industry – SFPMA

 

Wondering what 2023 holds for the community association management industry?

We were, too. That’s why Buildium asked 240 community association managers and board members about the challenges and opportunities they foresee for the industry this year.

They told us the community association sector is more popular than ever among developers, residents, and management companies—but there are several key challenges that community association managers and leaders need to address head-on, so they continue to thrive.

From shortages of team members, vendors, and volunteers to increasing competition among management firms, here are the six trends community association management companies should be aware of in 2023.

 

1. Staffing is a top priority as the labor shortage continues to strain teams’ resources.

Smaller community association management companies are competing with larger companies and developers for full-time team members and high-quality contractors, leading to higher staffing costs and smaller teams.

According to Buildium’s research, this is a leading challenge for the 85% of companies that plan to expand their portfolios throughout 2023 and 2024, prompting community association management companies to name staffing as their second-highest priority for the coming year.

 

2. Efficiency is a primary area of focus as teams search for ways to do more with less. 

Technology is the X factor that allows community association management teams to take on more clients, even as their teams remain smaller than in the past. Streamlining processes like payments, communications, and accounting frees up time for the most impactful areas of the business, such as customer service and business development.

More than half of community association management companies told Buildium that leveraging technology to drive efficiency is a key aspect of their revenue generation strategy for 2023.

 

3. Competition for clients highlights the importance of high-quality customer service.

The Foundation for Community Association Research estimates there are 8,000 to 9,000 community association management companies in the U.S. In certain areas, smaller companies feel they’re being edged out by larger firms that can charge less for their service due to economies of scale.

Association board members told us they can feel the difference between customer service that’s personalized to their needs, and service that’s one-size-fits-all. This is where smaller companies have a competitive edge.

 

4. New development means new potential clients for community association managers.

Seventy-eight percent of new homes for sale are located in community associations. There are 358,000 associations across the country, and it’s estimated that 5,000 more will be formed in 2023.

This creates new opportunities for 88% of community association management companies that plan to recruit new clients over the next two years, with growth named as companies’ third-highest priority for 2023, according to Buildium’s survey.

 

5. Profitability is a challenge as companies balance the pressure to increase prices with the need to stay competitive.

Inflation has increased the cost of running associations across the board, from materials and labor (on the management side) to insurance and taxes (on the association side). Association boards are feeling the strain of pulling together sufficient reserves and funding for capital projects without raising dues or requiring special assessments.

Association management companies are under pressure to keep prices low to stay competitive—but 70% of companies feel it’s necessary to raise prices to cover their costs in 2023 and 2024. Our research found 43% of companies plan to expand the services they provide, potentially opening new revenue streams.

 

6. Community associations are struggling to recruit engaged, knowledgeable board members.

According to Buildium’s research, 38% of association board members said finding the people and resources necessary to keep their community running as a primary source of stress in 2023.

Current board members—80% of whom are 60 and older—feel frustrated with the lack of participation from newer homeowners; and boards that experience frequent turnover struggle to find members who have the knowledge to make important decisions for the community.

Overall, association boards and management companies feel more involvement in the community from homeowners is needed, in addition to greater awareness of their responsibilities as residents of an association.

These are some of the challenges and opportunities that association managers and leaders will face in 2023. For a deeper dive into 2023 community association management trends, download our 13-page report, which shares additional data and quotes from real community association management professionals and board members. Download your free copy now.

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Simplify Your Accounts Receivable with These Proven Tips! by Condo Control

Simplify Your Accounts Receivable with These Proven Tips! by Condo Control

  • Posted: Aug 09, 2023
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We help condominiums and HOAs establish better processes so that they can operate more efficiently and effectively.

Simplify Your Accounts Receivable with These Proven Tips!

Struggling with managing accounts receivable in your condo or HOA? We’ve got you covered! Discover effective strategies to streamline your financial processes and ensure timely payments.
We’ve seen it for ourselves. We harnessed the best of technology to create software that streamlines and automates almost every aspect of community operations.
…………………………………………

There would be no Condo Control without Brian Bosscher. Brian had no professional property management experience, but he did understand the frustrations that plague condo communities after purchasing a unit in 2006. Looking to help improve operations, Brian joined his building’s finance committee immediately. He started volunteering on the Board of Directors as Treasurer the following year, and then became the Board President.

It was through volunteering that he learned about the challenges and roadblocks that property managers encounter on a day-to-day basis, and witnessed the inefficiencies that prevented them from reaching their goals. It was this experience that inspired Brian to build a long-term solution, and Condo Control was born.


How to simplify accounts receivable for your condo/HOA

When residents pay their fees or fines, these payments are documented under accounts receivable (AR). Vendor credits are also logged under AR. This element of accounting tracks the money coming into the corporation or association.

But like most things related to community finances, it’s much easier to talk about accounts receivable than manage them. Collecting payments is always a challenge because they come in at different times, and in different formats. Documenting this information is equally tedious and time consuming.

While we can’t eliminate this responsibility for you, we can suggest some ways to simplify the AR workflow for you and your team.

Table of contents

Regulate billing practices

Without structure, rules, or established expectations, anything goes. But spontaneity isn’t exactly ideal when you’re trying to get money from 200 owners. That’s why it is so important to implement consistent billing practices. Not only does this create a routine for you and/or your staff, but residents aren’t left wondering when they might receive their invoices or how they should make payments.

By creating a sustainable AR workflow, condos and HOAs will find that late payments become less common. By sending billing statements in the same format, at the same time each month, your residents become familiar with a routine. As a result, they’ll become more accustomed to making payments the same way at the same time.

Use electronic billing and online payments

Online banking has become almost ubiquitous in North America. Mobile apps make this option accessible to all age demographics, and the convenience cannot be overstated. So doesn’t it make good sense to offer online payment options to residents?

Not only does it make the payment process far easier for the people who live in the community, but it creates less work for you.

Teams that are still documenting accounts receivable payments manually are more prone to making mistakes. Between writing down payments, updating balances, and creating receipts, it’s understandable why someone might forget to fill in a field or add an extra “0.”

But even a small mistake can lead to bigger problems, and can even create conflict between residents and staff. Furthermore, time is wasted when someone has to go back and review the numbers.

Then there’s the issue of storing and locating physical records. Paper can easily be misplaced or lost, and aside from the obvious problems associated with losing documents, missing information can lead to costly compliance violations.

Electronic billing and online payments reduce manual data entry work for staff, and create records automatically. If you decide to use a cloud-based system, you’ll have the ability to access records from any computer. That way, you aren’t tied to the office.

It’s important to note that not every resident will want to make online payments. Your condo or HOA could install a secure lockbox so that you don’t have to arrange a meeting with these individuals to receive a payment on time.

Set up automations

With a digital AR system, you can also create automations to bypass some of the most tedious AR tasks. This typically includes email automation (late payment reminders, confirmation of payment) as well as sending out invoices.

Remove “information silos”

A cloud-based AR system ensures that anyone who needs access to accounts receivable information can get it, no matter where they are working from. Conversely, when team members have to wait for information because it is siloed off, it slows down the entire process.

Follow the process when collecting late payments

Inevitably, there will be residents who are consistently late with payments, or who avoid them altogether. Instead of having to figure out what to do next each time this happens, follow the condo or HOA’s rules/ procedures laid out in the governing documents.

Make sure all actions are in accordance with local laws. For example, you are probably required to give residents written notices and a reasonable amount of time to pay fees before more severe actions are taken.

Corporations/associations do have the power to pursue residents for unpaid fees, and to recover any legal expenses incurred while trying to collect money owed from delinquent owners.

These are some of the actions that communities are permitted to take while trying to secure outstanding fees:

  • Send the resident a notice of arrears
  • Apply interest to outstanding arrears after a certain amount of time has passed
  • Revoke the owner’s right to vote
  • Revoke a resident’s access to shared facilities
  • Contact collections
  • Contact legal counsel
  • File a Notice of Lien
  • Register lien

Conclusion

Accounts receivable is an ongoing responsibility that requires a great deal of time and resources. The less you and your team have to do by hand, the happier you’ll be.

It is recommended that condos and HOAs look into AR software to simplify and speed up workflows. The money you invest in this solution will be less than the costs associated with conducting this process manually. Not only can it help keep processes more consistent, but you will probably find that you make fewer errors.

Your time is valuable; spend it wisely.

 

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SFPMA’s Condo and HOA Guide for Budget Planning and RFP’s

SFPMA’s Condo and HOA Guide for Budget Planning and RFP’s

  • Posted: Aug 05, 2023
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Condo and HOA Guide for Budget Planning

Board membership can be a lot of fun socializing with neighbors and contributing ideas on how to improve the communities. But it also involves serious work with budgets, required by Florida Statutes (FS) and, generally, by the association’s by-laws for many the fun is over when its time to prepare the annual budget.

Budgets are typically approved on an annual basis during the months of October or November, but many smart boards start the budgeting process late in the summer months.

Some associations’ fiscal year does run with the annual calendar, so they should prepare their budget 4-5 months before the start of a new fiscal year. Regardless of when your fiscal year begins and ends, board members should begin the budget process by identifying operational needs and estimating expenses for the coming year.

 


 

“Who Is Responsible for Preparing the Budget?

The requirements for the preparation of the annual budget for condominium associations are set forth in Section 718.112 (2) (f) FS; and for homeowners’ associations, in Section 720.303 (6) FS.

Generally, the community association manager (CAM) is charged with the responsibility for preparing the preliminary draft of the budget and presenting it to the budget or finance committee for its review and approval. The budget committee, as appointed by the Board of Directors, and, ultimately, the Board itself, is responsible for the adoption of the association’s annual budget.”

 


A budget also helps to:

* Create proper reserve funds. Measure performance throughout the year.

* Determine the amount of fees to be assessed to each unit owner for the upcoming fiscal year.

Will homeowners be paying a little more, a little less, or about the same as last year? A well thought out budget supplies the answer.

 

-Association Budgeting Rules in Florida

Whether you serve on a condominium association or an HOA, Florida Statutes have a slew of legal requirements that affect the way budgets are presented and what they must contain. Longtime board members may be familiar with the state’s budgeting requirements under Statutes 718 and 720. If you’re a new board member, it helps to know what’s involved before diving in. Here’s a brief overview.

* All associations, whether a condominium or HOA, are required to prepare an annual budget.

* The budget must show the estimated revenues and expenses for the budget year.

* An estimated deficit or surplus for the end of the current year must be reported.

 


 

“Working Capital

As a generally accepted guideline, a community association should maintain its operating fund balance (“working capital”) at a minimum of two months’ maintenance assessments. If this guideline is not met, the Board should consider including a line item in the budget to increase working capital. However, if the working capital shortfall is significant, or if there is an accumulated deficit, a special assessment may be the more conservative alternative. The amount of the budget line item or special assessment should be determined after considering the current year’s expected results of operations.

If the current working capital is sufficient and the current year’s operations are projected to have an excess of revenues over expenses (“operating surplus”), the Board can take advantage of this situation by including line items for special projects or improvements in next year’s budget. Alternatively, that surplus can be applied as a credit to the following year’s assessments to the owners. There are generally income tax considerations in applying this credit and therefore, the Board should consult with the Association’s income tax advisor.”

 


-Preparing a Budget for your Condominium or HOA

The budgeting process really involves preparing two components: an operating and a reserve schedule. The objective is to determine what homeowners will be charged for maintaining the common areas.

* Operating budget ensures that all operational costs and expenses are identified. They assist in approximating expenses for the upcoming fiscal year.

* Reserve schedule determines the amounts needed to be set aside for capital expenditures and deferred maintenance.

Florida Statute regulations may be complex, but that doesn’t mean preparing a budget has to be complicated or overwhelming. In fact, once you understand the basics of calculating expenses, the process becomes clear-cut.

-Budgeting Tips & Considerations

Unlike a personal household budget where you figure out what you can spend based on your income, a condominium or HOA budget must begin by estimating costs first, which will then determine the amount an owner will be charged.

-Operating Component

1-Compile the current year’s year-to-date expenses. They will serve as the basis for the new budget year.

2-Analyze these expenses carefully and factor out any that are non- recurring, such as plumbing or storm-related emergencies.

3-Review your current contracts for escalation clauses and/or scheduled increases.

4-Request estimated costs for non-contractual expenses like general repairs and maintenance, utilities, and certain administrative expenses.

“Reserve Schedule

Reserve funds are used for two expenses: capital expenditures for common area components, such as roof replacement, pavement resurfacing, and elevator upgrades; and deferred maintenance that generally refers to interior and exterior painting. The funds for these big-ticket items are generally collected over years, not just in the year they’re expected to occur.

The condominium or HOA board may also have certain projects it wants to do that are not covered by reserves. This can include things like pool re-tiling, termite treatments, landscape improvements, and costs to maintain tennis, racquetball, or pickleball courts.

The projection of these fees must be as accurate as possible. Remember, condominiums and HOAs are not-for-profits so it’s important that they do not have a surplus; of course, you don’t want a deficit, either.

Budgeting is a big job, but if you break it down in these easy steps should take the stress away. Preparing an accurate budget keeps your condominium or HOA thriving financially now and in the years to come.”

 


 

“Reserves

Chapters 718 and 720 of the Florida Statutes both require the funding of reserves in the association’s annual budget (with specific waiver provisions for condominium and homeowners’ associations). The use of reserve funds is restricted for capital expenditures and deferred maintenance. A capital expenditure is the use of funds for the replacement or major repair of a common area component. Examples of capital expenditures are roof replacement, pavement resurfacing and elevator upgrades. The term “deferred maintenance” generally refers to interior and exterior painting. Reserves are included in the association’s budget so that funds are available for the eventual replacement of common area components and deferred maintenance. The alternative to funding reserves is the use of available operating funds or, more likely, the adoption of a special assessment. Sound financial management dictates that, concurrent with the adoption of a special assessment, a detailed budget should be established. Include a provision for bad debts commensurate with that of maintenance assessments.

 


-Financial stability including accounting, collections, and accounts payable services are the core to a Condo and homeowners association’s strength and future success.

Boards and their Property Management company work hand in hand providing a checks and balances system. where payables for buildings services are entered by the community manager, processed by the Payables/Accounting dept, reviewed by senior management. These are put in place for protections for all owners of the community.

Having a Management Company to aid Board Members is important. unlike self managed community associations, no one person or Board member has total control with the financial responsibility for

Online payables processing
Electronic signatures
Accounts receivable collection process
Effective internal controls
Financial statement preparation
Annual Budget preparation

This way the Management Company and Boards can work together on everything from The Communities:

 

“Here are some other guidelines to consider when preparing the Association’s budget:

*For contractual expenses, read the related contracts to identify any increases that are anticipated in the following year.

*Contact your insurance agent as early as possible to determine insurance premiums. If financing insurance, try to obtain favorable rates.

*Request estimated costs for non-contractual expenses such as general repairs and maintenance, certain administrative expenses, trash removal, and utilities.

*Include a reasonable amount for bad debt expense.

*Avoid a “Contingency” line item if possible.

*Look at revenue trends for fee-for-service charges to unit owners such as work orders, laundry, parking, etc. Be sure to consider possible increases.

*If loan repayments will be required, include the entire payment amount (i.e., principal and interest) in the budget.

 

There are other concepts to keep in mind in preparing the annual budget: Be realistic. It is generally difficult to keep maintenance assessments at last year’s levels. The role of an association’s treasurer or president is to run the association’s business. It is not to win a popularity contest. That role should be treated with as much, if not more, respect than the association’s officers’ own businesses.

The budgeting process doesn’t end with the adoption of the annual budget. Careful and routine monitoring of budget-to-actual results of operations is a vital part of the effective management of a community association.

 


Defination of budget Terms:

-Balance Sheet

One of the reports included in the Financial Reports presented to the Board of Directors is the Balance Sheet. The Balance Sheet is a statement of the book value of all of the assets and liabilities (including equity) of the association. It provides a “snapshot” of the association’s financial standing as of the end of that particular month.

-Collection Status Report

By far one of the most popular and most important reports is the aging report or the Collection Status Report. This report provides the Board with a listing of the owners that are past due. There are many variations of this report, however, the sample shown is the most concise. This report provides a glimpse of the names of those owners that are past due, the total amount past due, and at what stage in the collection process the account is in.

-Check Register and/or Accounting Software

A Check Register its a monthly report. This report is a list of all of the checks written by the association during a given period, typically each month. Among other information, it lists, the check number, the vendor’s name, the invoice number, brief description of the payment, and the check mount.

-Profit & Loss Report

The second page of the Financial Report summarizes the revenues, costs and expenses incurred during a specific period of time. The Income and Expense Report follows a general format that begins with an entry for Income and subtracts from Income the costs of running thebusiness, including operating expenses, insurance, contracted vendors, and repairs. The bottom line, literally and figuratively, is net income or loss.

Because we know Associations depend on their budget, our P&L reflects the Actual Expenses vs. the Budget Amount. This comparison is done for the current month as well as year-to-date. You are also provided with the variance (if any) between the actual expense and the budgeted amount.

-Monthly Ledger

The Monthly General Ledger is the main accounting record of a business which uses double-entry bookkeeping and is a summary of all of the transactions that occur in the company. It is built up by posting transactions recorded in the general journal. The Balance Sheet and the Income and Expense Report are both derived from the general ledger. The general ledger is where posting to the accounts occurs. Posting is the process of recording amounts as credits and debits in the pages of the general ledger. Because each bookkeeping entry debits one account and credits another account in an equal amount, the double-entry bookkeeping system will ensure that the general ledger will always be in balance.

 

In the end Board and Management Companies should upload these reports to the Secure Association website where Owners can view the financial records each year. This avoids Questioning and sometimes fighting by owners in the association regarding fees being paid with the new budgets.

 


SFPMA Directory-

SFPMA has many of the top companies ready to help condo and HOA communities with everything from Accountants Attorneys, Collection Companies, website design and Building software(CRM) and Service Companies where estimates and Bidding are always asked during budget season. If you require a RFP (Request For Proposal)Search our Members Directory Business and Service Companies and ask them to help with cost savings for your Budgets.

Find Members ready to help with Management, Business and Services for your properties.

Property Maintenance is an integral part of managing the day to day operations for every type of property. Search the Members Directory for Companies working with Property Management, Condo and HOA properties in Florida. Search companies for RFP’s in this Budget Season.

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Glitch Bill and Condo Inspection and Milestone Requirements Webinar Featuring Michael Bender from Kaye Bender Rembaum and Scott Harvey-Lewis from Building Mavens Date & Time Jul 28, 2023 01:00 PM 

Glitch Bill and Condo Inspection and Milestone Requirements Webinar Featuring Michael Bender from Kaye Bender Rembaum and Scott Harvey-Lewis from Building Mavens Date & Time Jul 28, 2023 01:00 PM 

If you missed this event, You can watch the Video now.

Glitch Bill and Condo Inspection and Milestone Requirements Webinar Featuring Michael Bender from Kaye Bender Rembaum and Scott Harvey-Lewis from Building Mavens

Watch the Video NOW.

Description
Join Evan Bradley from Campbell Property Management, Michael Bender from Kaye Bender Rembaum and Scott Harvey-Lewis from Building Mavens for this Glitch Bill and Condo Inspection and Milestone Requirements Webinar. Be sure to ask your question about the webinar when you register. We will do our best to answer as many questions as possible. This webinar does not include CEU credits.

 

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Having an Enrolled Agent (EA) can benefit you in several ways, especially when it comes to your tax-related matters.

Having an Enrolled Agent (EA) can benefit you in several ways, especially when it comes to your tax-related matters.

  • Posted: Aug 01, 2023
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Having an Enrolled Agent (EA) can benefit you in several ways, especially when it comes to your tax-related matters.

What can an Enrolled Agent Do for You?
Here are some of the key benefits of working with an Enrolled Agent:
*Tax Expertise: Enrolled Agents are licensed by the IRS and have expertise in all areas of taxation. They can help you with tax planning, tax preparation, and tax resolution.
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*Representation: If you are facing an audit or other tax-related issue, an Enrolled Agent can represent you before the IRS. They can help you understand your rights and responsibilities and work to resolve the issue in the most favorable way possible.
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*Communication: Enrolled Agents are skilled at communicating complex tax issues in a way that is easy to understand. They can help you navigate the often-confusing world of taxation and provide you with guidance and advice as needed.
Savings: Working with an Enrolled Agent can help you save money by identifying deductions and credits that you may have overlooked. They can also help you avoid penalties and interest by ensuring that your taxes are filed accurately and on time.
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*Convenience: Enrolled Agents can work with you remotely or in person, depending on your needs. They can also provide you with ongoing support throughout the year, not just during tax season.
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Having an Enrolled Agent on your team can provide you with peace of mind and confidence in knowing that your tax-related matters are being handled by a licensed and experienced professional.

RMS AccountingAll of the tax professionals at RMS Accounting are Enrolled Agents with over 75 years of combined experience helping taxpayers resolve tax problems and to pay the lowest tax allowed by law.
Want to talk to one of your tax professionals just give us a call at 800-382-1040.
Let’s illuminate our planet with the power of energy efficiency, one lightbulb at a time. Together, we can make a meaningful difference.

Let’s illuminate our planet with the power of energy efficiency, one lightbulb at a time. Together, we can make a meaningful difference.

  • Posted: Aug 01, 2023
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  • Comments: Comments Off on Let’s illuminate our planet with the power of energy efficiency, one lightbulb at a time. Together, we can make a meaningful difference.

Lighting of Tomorrow is commited to providing our clients energy saving lighting solutions. We provide a complete service, so we can continue “lighting the way for a sustainable tomorrow”

Join us in making a simple yet impactful change for a brighter, greener future: switching to energy-efficient lightbulbs!

By embracing this small but significant action, we can collectively contribute to reducing our carbon footprint and preserving the environment. Energy-efficient lightbulbs, such as LED or CFL bulbs, consume significantly less electricity than traditional incandescent bulbs, translating into lower energy bills and savings in the long run. Not only will you be helping to combat climate change, but you’ll also enjoy longer-lasting bulbs that require less frequent replacement.

Let’s illuminate our planet with the power of energy efficiency, one lightbulb at a time. Together, we can make a meaningful difference.

Contact Us

1076 NW 53rd St, Fort Lauderdale, FL 33309

954.626.0267

info@lightingot.com

 

Lighting of Tomorrow is commited to providing our clients energy saving lighting solutions. We provide a complete service, so we can continue “lighting the way for a sustainable tomorrow”

 

 

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SuperHanger(TM) patented PVC Pipe Hanger System for Condo garages throughout Florida for over 30+ years.

SuperHanger(TM) patented PVC Pipe Hanger System for Condo garages throughout Florida for over 30+ years.

SuperHanger(TM) patented PVC Pipe Hanger System for Condo garages throughout Florida for over 30+ years.

brought to you by LEE Composites

These non-corrosive, non-metallic, Pipe Hangers, Rods, Nuts.
Both Condo maintenance personnel and plumbing/painting contractors need to know about our SuperHanger(TM) Pipe Hangers.

 

THE PERFECT SOLUTION FOR SUPPORTING YOUR PLUMBING

Steel Rusts, PVC and Fiberglass Don’t. “There’s no other pipe hanger like it!” Lee Composites, Inc. introduces the PVC Super Hanger™ pipe hanger system. The Super Hanger™ pipe hanger is comprised of all nonmetallic, corrosion resistant materials and maintenance free properties.

The patented Super Hanger™ pipe hanger design allows for ease of installation on both new and used pipe, structural strength for pipe loadings and sizes to support various pipe diameters. They come in multiple sizes and are ready for immediate availability.

Pipe Hangers (Super Hanger™ PVC & SuperClevis / SuperLoop FRP)
Lee Composites, Inc. introduces the PVC Super Hanger™ pipe hanger system. The Super Hanger™ pipe hanger is comprised of all nonmetallic, corrosion resistant materials and maintenance free properties.

 

SUPERCLEVIS™ FIBERGLASS PIPE HANGER

Lee Composites also offers the Fiberglass Super Clevis Hanger pipe hanger system.

The Super Clevis Hanger is constructed of injection molded glass fiber reinforced polyurethane. Sizes available for 1″ to 6″ pipe size.

SUPERLOOP™ FIBERGLASS PIPE HANGER

For larger pipes use Super Loop Hanger. The SuperLoop is available for sizes from 3″ to 16″ diameter pipes.

The Super Loop Hanger is great for industrial applications or commercial drainage pipes, where pipes sizes are considerably larger. The biggest advantage of using the Super Loop Hanger is that in any environment the Super Loop performs better than metallic counterparts, because of its rust-free properties.


We stock all sizes for immediately delivery.

 Bob Lee, President of Lee Composites Inc, has over 50 years of experience in the composites and plastics industry. Bob started his career with Dow Chemical Corporation after graduating from Georgia institute of Technology. As Vice President of a small emerging composite pultrusion, molding and fabrication company for 10 years he became widely recognized for his outstanding entrepreneurial and creative expertise.

– Bob Lee, President of Lee Composites
     info@leecomposites.com
    (281) 782-2877

 

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MAKE SURE YOUR DOCS DON’T COST YOU MONEY  By Eric Glazer, Esq.

MAKE SURE YOUR DOCS DON’T COST YOU MONEY By Eric Glazer, Esq.

MAKE SURE YOUR DOCS DON’T COST YOU MONEY

By Eric Glazer, Esq.

Let’s start with what some of you already know……..foreclosures are on the rise.  Incredibly, this is happening before huge special assessments are kicking in for many of you and before mandatory reserves go into effect.  If foreclosures are already on the rise, what’s going to happen when special assessments and reserves take hold of most communities?

If a bank forecloses on either a home in an HOA or on a unit in a condominium, the association is likely to take a huge financial hit if that home or unit is also delinquent to the association.  When a bank forecloses on a property, most of the time that bank winds up becoming the owner of that property because nobody bids against the bank at a foreclosure sale.  For example, if an owner fails to pay the mortgage, the bank eventually forecloses and gets a final judgment against the owner for the amount of the delinquency plus interest and attorney’s fees.  The judge sets an auction date.  At the auction, the bank usually bids the amount of their final judgment, there are no other bids and the bank winds up owning the property.

Now that the bank owns the property, do they have to pay all of the assessments that are owed to the association on that home or condominium unit?  Not even close.  The law states that the bank would only have to pay the lesser of:

  • One year of assessments or;
  • One percent of the original mortgage debt;

So, let’s say the bank is foreclosing on a $300,000.00 mortgage.  One percent of that mortgage is $3,000.00.  Let’s say the assessments are $600.00 per month.  One year of assessments is $7,200.00.  Therefore, at most the bank is responsible for $3,000.00 and not $7,200.00 and this is even if the prior owner has not paid for several years.  There can be $15,000.00 in delinquent assessments owed on the unit —the bank would still only have to pay $3,000.00 at most.

Here’s where the association can really get stung.  If the governing documents let the bank off the hook and state that the bank does not have to pay anything if they wind up foreclosing and owning the property.  Even though the law would require the bank to pay $3,000.00 in the above example, the association’s governing documents may allow the bank to pay zero!  SO……………MAKE SURE YOUR GOVERNING DOCUMENTS DO NOT CONTAIN SUCH A PROVISION AND IF THEY DO – AMEND IT IMMEDIATELY BEFORE FORECLOSURES IN YOUR COMMUNITY POSSIBLY BECOME ROUTINE!  DON’T LET THE BANKS OFF THE HOOK!

Next week we’ll talk about what happens when a third party buys the property at a foreclosure sale and not the bank.  You definitely will want to find out the good and the potential for disaster.

 

You can read more articles from Eric Glazer on his Blog. 

 

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