I have a client who is a condo association. They have not filed a tax return since 2008. I have researched on the web and get conflicting answers on this. As I understand, I cannot use Form 1120-H for past year returns because if it is not timely filed then I lose that election. Some people are saying not to worry about filing past year returns especially if they owed no money. One guy said he used Form 1120H for the past year returns for his client, and they never heard back from the IRS on it. Many people assume the IRS is not going to invest time going after a client who really has not tax liability. Please advise. Thanks.
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Only had one
like yours. I was called in a year after they had fired the management who had also done the accounting and tax reporting for years. By the time I was there the current condo owner, who was managing, thought bank recs were all that was needed and they did not have to file returns.?? Long story short - filed the 1120-H late and resigned and got out of there. -
If they are required to file this might help:
google: Taxes and Homeowners Associations: A Confusing CombinationBelieve nothing you have not personally researched and verified.Comment
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