Archive | HOA

hoa tax return due date

HOA Tax Return Due Date? Make Sure You Understand The Changes.

HOAs have different filing requirements.  But the first step is to make sure that you understand the HOA tax return due date.  You don’t want to file late and have any penalties assessed. HOAs may choose to file Form 1120H or Form 1120.  Form 1120 is the corporate form that regular corporations would file. For […]

Do homeoners associations have to file tax returns

Do homeowner associations have to file tax returns?

Board members often ask the question – do homeowner associations have to file tax returns? There is a lot of confusion regarding the issue.  Let’s try to clear it up. Often they are called “tax-exempt” or “non-profit”.  But is this really true and what does it mean? This argument has been around for decades and […]

Unfiled HOA Tax Returns: Here is a Plan

In recent years, the IRS has started to clamp down on HOAs due to a significant amount of unfiled HOA tax returns. For the most part, this actually comes from not knowing a tax return is necessary rather than people just ignoring it. With the good news first, most HOAs don’t necessarily owe money but […]

The Complete Guide to the HOA Tax Return

Completing an HOA tax return doesn’t have to be that difficult.  All that is needed is some basic knowledge of the tax rules and the diligence to get the return completed.  If you have unfiled returns, then that can complicate the issue.  But we have a plan for that. Within the tax world, there are […]

Condo Association Tax Return: Guide to Form 1120-H

With HOAs and condo associations, a lot is made of the difficult process and how frustrating it can be if you don’t have a professional by your side and we’ve even contributed to this ourselves. However, there is very little information when it comes to the actual form itself. What does the form entail? How […]

HOA CPA

Why Most CPAs Can’t Complete HOA Tax Returns?

Nowadays, it’s fair to say that CPAs are seen as a magic genie who can resolve all problems. With HOA tax returns, you need to be careful though because most CPAs have a “specialty” area much like a surgeon will only perform surgery on one area of the body. Whether they choose partnerships, S-corps, or […]

3 Things You Need to Do Before Filing an HOA Tax Return

Whether you’ve filed an HOA tax return before or not, the process never gets easier and this normally comes from a lack of information regarding the whole process. Despite being 2017, there still seems to be a lack of resources surrounding filing for an HOA which is why we’re currently trying to break down the […]