It’s Tax Time for Your Association

As evidenced by the increase in advertisements from H&R Block, Turbo Tax and your friendly, local accountant, it’s clear that we have entered “refund season” – AKA time to file your personal taxes.   But, don’t forget that it’s also tax time for your association.  Your community association is considered a business, and, while you are a Not-For-Profit, you still need to file taxes as any other corporation would. Being a nonprofit is different than being tax-exempt, and IRS Form 1120 or 1120H must be completed and filed annually for the federal government, as well as you state’s required form (in Illinois, it is the IL-1120, your CPA can advise what your state needs filed).     Read the article………


Related Articles

Does Your Pet Policy Have Enough Bite?

While many co-op boards struggle to ban bogus “support pets,” there’s a co-op in East Harlem with such a liberal

Planning for Special Needs Children

Many families in our community have children or loved ones with developmental disabilities or special needs. Families often assume that

Capital Improvements: Getting Financing and Board Approvals

Even if your condominium or homeowner’s association (HOA) is a fortified castle atop a hill and surrounded by a moat,