Serving Condominiums, Cooperatives and Homeowners Associations
in the Washington, D.C. area since 1974.
Goldklang Group CPAs, P.C.
(formerly Goldklang, Cavanaugh & Associates)
has been serving condominiums, cooperatives and homeowners associations in the Washington, D.C. area since 1974. We are proud of over 30 years of specialized experience in community association financial, auditing and tax services.
Corporate Office
1801 Robert Fulton Drive, Suite 200
Reston, Virginia 20191
703-391-9003 phone
703-391-9004 fax
800-934-7006 toll-free phone
866-416-9212 toll-free fax
ALERT!
IRS to Discontinue Paper Deposit Coupons on December 31, 2010
Starting on January 1, 2011, the IRS will no longer accept any tax payments made with paper deposit coupons (Form 8109). Tax payments will only be accepted through the Electronic Federal Tax Payment System (EFTPS). Enrollment for EFTPS must be completed by visiting www.eftps.gov, and the enrollment process takes about 7 days. You may contact EFTPS with questions at 1-800-555-4477. Click here for more information in our Tax Bulletin - Fall 2010 issue.
Bank Ratings
Today, with the current instability, substantial operating losses, and troubled loan portfolios of many banks it is important to carefully review and evaluate your banking relationships and the account balances at each institution. Further, with the recent federal bailout, some FDIC rules have been altered. So, what can you do and what should you know?
We recommend, at a minimum, the following:
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On July 21, 2010, the FDIC insurance limit of $250,000 per financial institution was extended permanently. In addition, all funds in "non-interest bearing transaction accounts have temporary unlimited coverage that is in addition to the $250,000 coverage. This temporary unlimited coverage is effective from December 31, 2010 through December 31, 2012. We recommend associations monitor their accounts and immediately transfer funds in excess of the FDIC limit to other institutions or Treasury instruments so all funds will be insured. The ratings of any financial institutions used should also be periodically checked.
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Place your reserve funds at an institution different than where you maintain your operating account.
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Consider treasuries as a good safe alternative for reserve funds.
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Periodically check the ratings of the banks where your operating and reserve funds are maintained. The FDIC’s website has a list of private companies that publish ratings on banks. We found Bankrate, Inc. very useful and it offers certain information for free, while other companies charge.
Please do not hesitate to contact us if you have any questions or if we can be of additional assistance. You can also visit My FDIC Insurance for more information on the new rules.
