RonW7 (Ohio)
Posts: 122
Posts: 122
Posted:
Apparently, the 1120-H tax form is due on March 15th. I sorta filed it on April 16. Is our association going to jail?
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Oops... filed 1120-H late... really late
Started by RonW7 • 7 replies • 2162 views
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MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
Only the person who filed it will have to do the time for the crime on the behalf of the HOA...
Worse case you will pay a fine...
Worse case you will pay a fine...Former HOA President
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
Typically not too much of an issue as long as there is no tax due.
Worst case, you will get a bill for a late filing penalty.
Worst case, you will get a bill for a late filing penalty.
BruceF1 (Connecticut)
Posts: 2,535
Posts: 2,535
Posted:
Quote:
Posted By TimB4 on 04/17/2015 9:37 AM
Typically not too much of an issue as long as there is no tax due.
Worst case, you will get a bill for a late filing penalty.
Typically not too much of an issue as long as there is no tax due.
Worst case, you will get a bill for a late filing penalty.
Even then, the penalty for filing late is a percentage of the tax due. So, if there is no tax due, you might just get a nasty letter.
Just be on time next year. All "corporate" forms (which include 1120-H, are due on March 15th.
LarryB13 (Arizona)
Posts: 4,099
Posts: 4,099
Posted:
Quote:
Posted By RonW7 on 04/17/2015 8:51 AM
Is our association going to jail?
Is our association going to jail?
Yes, line up in single file in ascending SSN sequence.
DouglasK1 (Florida)
Posts: 2,046
Posts: 2,046
Posted:
I did the same last year, I think there was a 10% penalty, since our tax was around $70, we were charged around $7.00.
Escaped former treasurer and director of a self managed association.
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
Ron,
You may want to create an Association calendar of events for your Board. It's basic items that need to be done yearly and can provide a check off list or simply be used as a reference. I've attached a copy of the one I created for our Association as an example.
Tim
You may want to create an Association calendar of events for your Board. It's basic items that need to be done yearly and can provide a check off list or simply be used as a reference. I've attached a copy of the one I created for our Association as an example.
Tim
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BruceF1 (Connecticut)
Posts: 2,535
Posts: 2,535
Posted:
Quote:
Posted By DouglasK1 on 04/17/2015 2:13 PM
I did the same last year, I think there was a 10% penalty, since our tax was around $70, we were charged around $7.00.
I did the same last year, I think there was a 10% penalty, since our tax was around $70, we were charged around $7.00.
As I noted previously, the penalty is a percentage of the tax due. If there is no tax due, there will be no penalty. Your association can earn at least up to $100 in non-exempt income before there will be any tax due.
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