EllenW3 (Massachusetts)
Posts: 1
Posts: 1
Posted:
Our condo association has never filed a Massachusetts income tax form. That's because until recently, MA form 3M said organizations shouldn't file if they had less than $100 in gross income, and all we have (besides condo fees, which are exempt function income) is a small amount of bank interest.
However, it looks like starting with the 2016 form, that text about the filing exemption is gone. But there was no publicity of this change. I would assume if they meant to change this rule, they would have announced it or included a "What's New" note in the form instructions, since it would change longstanding practice for a whole lot of condo associations. Could leaving it off have been a typo?
What should we do about this? Is it important to file this form for 2017? Do we need to go back and file a 2016 form even if the tax owed is miniscule to zero?
However, it looks like starting with the 2016 form, that text about the filing exemption is gone. But there was no publicity of this change. I would assume if they meant to change this rule, they would have announced it or included a "What's New" note in the form instructions, since it would change longstanding practice for a whole lot of condo associations. Could leaving it off have been a typo?
What should we do about this? Is it important to file this form for 2017? Do we need to go back and file a 2016 form even if the tax owed is miniscule to zero?