Are you an HOA board member who’s struggling with your association’s tax return? Filing an HOA or condo association tax return can be challenging if you’ve never done it before or don’t understand the rules or what’s involved in the process. Maybe you didn’t even realize that your HOA is required to file a special tax return. The Internal Revenue Service considers an HOA to be a corporation, even if it’s a non-profit organization which means that there are some very specific tax documents that need to be filed. Here are some basic guidelines for HOA tax returns, along with some considerations and warnings. Read the article…………………………
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