The vast majority of condominium and community associations are nonprofit corporations, but even they have to file taxes. There are some tips your community association should follow when it comes to tax time. Read the article……….
HOAs have two options for purposes of federal income taxation: (i) an election under Section 528 of the Internal Revenue Code (IRC) or (ii) taxation as an ordinary corporation. HOAs are like any other corporation, even if they’re not for profit. Read the article…………