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Subject: The New Year is less than a week away - that only means one thing - Tax Time is upon us
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Author Messages
TimB4
(Tennessee)

Posts:17830


12/27/2015 10:09 AM  
All,

Nobody likes taxes. However, if your part of the governing Board of an Association, you need to be thinking about taxes now.

If the Association has employees, W-2s are due to employees by January 31.

If the Association utilized independent contractors, legal services or have paid Directors and spent $600 or more to one entity, 1099-misc are due to the contractors by February 1.

Software for printing any of the above forms are available from office supply stores and many accounting programs include the electronic filing option.

As most Associations utilize 1120-H to file federal taxes, an association must file
Form 1120-H by the 15th day of the 3rd month after the end of its tax year. For those using a calendar year, this would be March 15. Here are some links:
1120-H Instructions
1120-H Form


Reporting dates for State taxes vary. Therefore, check the instructions for the form you utilize to report State taxes.
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Forums > Homeowner Association > HOA Discussions > The New Year is less than a week away - that only means one thing - Tax Time is upon us



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