Technical topics regarding tax preparation.
28-Jan-2020 6:45pm
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I have never handled a HOA tax return before. Today I received an inquiry to prepare one for 2019. The Form 1120-H is only one page and looks to be simple. I also consider myself a quick learner and I think I can read and fully comprehend the form instruction swiftly.
I would like to know if there is anything I should consider before I decide to take the job?
28-Jan-2020 8:00pm
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It's pretty simple.
Read IRC Sec 528 and the related regs so you know what questions to ask, then prepare the form in accordance with the instructions.
1120-H currently can't be efiled, so be prepared to FedEx the final return or have the client pick it up from the office. Build paper return processing into the fee.
29-Jan-2020 9:19am
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You can file via 1120H or regular 1120. You can switch from year to year. Whichever gets you the result needed.
29-Jan-2020 1:05pm
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It must be filed by due date, there are no extensions, or you're now in 1120 land.
29-Jan-2020 1:12pm
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Thank you.
This is a question for California professionals.
Is the balance sheet of the HOA required if the annual income is only about $60,000 in the California information returns? I think they are a California exempted organization and Form 199 is required.
11-Feb-2020 3:04pm
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If you can switch year to year between 1120 and 1120H do you have to make a formal election on the returns that are being filed ?
11-Feb-2020 3:23pm
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The election is to file the 1120-H.
13-Feb-2020 11:29pm
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philly wrote:If you can switch year to year between 1120 and 1120H do you have to make a formal election on the returns that are being filed ?
No, filing the 1120-H IS the election.
Watch the various tests required to file 1120-H in lieu of 1120.
14-Feb-2020 2:20pm
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PPC Homeowners Association manuals- Tax Section should tell you all you need to know. I've been doing CIRA's (HOAs) for many years and this is my Bible.
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