HOA Tax Return Preparation & Filing
A home owners association is considered a corporation by the Internal Revenue Service. Even if the association is organized as a non-profit, the IRS will treat it as a corporation. That means HOAs must file tax returns, including a state return in some states, but that does not necessarily mean an HOA may owe taxes. Know the rules before you get your HOA into any tax troubles. HOA tax returns require some special handling of different types of income and expenses.
Although your association is a corporation in the eyes of the IRS, a special part of the tax code, section 528, was created specifically for associations. If you file under section 528, some of the association’s income will be exempt from taxes. This exempt status only applies to certain types of revenues, so it is important to understand your tax status when setting up your record-keeping.
Our goal is to make the tax return preparation process as easy as possible for you and to minimize your tax liability with careful planning.
- IRS Form 1120-H
- IRS Form 1120
- CA Form 100
- CA Form 199
- Exemption Application Preparation & Filing
- Assist with Suspended Associations with Franchise Tax Board