Condo Tax Preparation
Maine Condo Companies specializes in tax preparation for condominium associations and homeowners’ associations. Your condominium or homeowners’ association has to file a tax return with the IRS and your state’s revenue department. Condominium and homeowners associations’ can file a special tax form called an 1120-H.
We have a CPA on staff. He can help your condominium or homeowners’ association take advantage of the tax benefits of the 1120-H form. We make sure you stay in good standing with the IRS and your State’s department of revenue.
Does your condominium or homeowners association pay someone more than $600 in a year for services? If yes, then your condominium or homeowners association might have to file a 1099-NEC form with that person and the IRS. Your condominium or homeowners association can be subject to monetary penalties for not filing 1099-NEC forms.
Maine Condo Companies can advise you whether or not 1099-NEC forms should be filed. We take care of filing these forms for you with the IRS. Contact us now to learn how Maine Condo Companies can help your association with tax preparation.