Condo Tax Preparation
Maine Condo Companies specializes in tax preparation for condominium associations and homeowners associations. Yes, your condominium or homeowners association has to file a tax return with the IRS and your State’s department of revenue. Condominium and homeowners associations can file a special tax form designed just for them called an 1120-H. We have a CPA on staff that can make sure your condominium or homeowners association takes advantage of the special tax benefits of the 1120-H form and stays 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-MISC form with that person and the IRS. Your condominium or homeowners association can be subject to monetary penalties for not filing 1099-MISC forms. Maine Condo Companies can help advise you whether or not 1099-MISC forms should be filed and take care of filing these forms for you with the IRS.
Contact us now to learn more about how Maine Condo Companies can serve your association.