At Bullock, Garner, & Leslie, we work with you to prepare your taxes for a number of organizations, including homeowner’s associations. A homeowner association is a corporation formed by a real estate developer for the purpose of marketing, managing, and selling of homes and lots in a residential subdivision. It grants the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization (Source: Wikipedia). We know how difficult it can be to keep all the different tax rules and regulations straight, which is why our team of accountants is here to help you.

“According to recent IRS statistics, the majority of associations and practitioners have taken the easy way out; approximately 70% of associations filed Form 1120-H, with the remainder filing Form 1120. The guidance for filing Form 1120-H is reasonably well laid out in IRC Section 528 and the related regulations.  There is little guidance, however, for filing Form 1120 for a homeowners association.  This lack of guidance is the main reason so many practitioners elect to use Form 1120-H rather than Form 1120,” explained Homeowners Association Taxes.

Filing taxes doesn’t have to be difficult with the help of our Melbourne, Florida accountants, so make sure to give us a call and let us help you however we can.