Helping HOAs & Condo Assocations File Tax Returns
We continually have HOA boards and management companies inquire about Revenue Ruling 70-604 (“70-604”). In this post we will provide a comprehensive examination of the ruling and look at it’s application. We will also answer the many questions that exist regarding 70-604. Easy Links Easy Links (1) What is a Revenue Ruling 70-604? (2) Do […]
North Dakota HOA and condo associations are required to file tax returns. Associations may be regisistered as non-profit entities at the state level, but they still must file. Filing returns can be done using either Form 1120 or 1120 – H. All corporations were generally required to file Form 1120 before the Tax Reform Act […]
Almost all members of a homeowner or condo association ask this question, even the board elected to manage the HOAs or COAs. This is because HOA and COA taxations have different forms to be filed, rules and regulations regarding not-for-profit associations and exempt functions which makes taxation questions a bit tricky to answer. Homeowner or […]
The Real Estate Development Act and Unit Ownership Estate Act govern homeowners and condo associations in Oklahoma. HOA or COA constitutes single homes, townhomes, or condo managed in a common interest community in Oklahoma and residents are responsible to pay dues and assessments to their respective associations to help manage and maintain these community areas. […]
You may live in an Ohio community with an association created in order to own one shard facility such as parks, roads, or water treatment facilities. The association probably has several unanswered questions: 1. Do we have to file taxes? 2. Is my association subject to Franchise and Income Tax in Ohio? 3. Isn’t my […]