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………
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