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1120 or 1120H

Started by StephanK • 15 replies • 698 views

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StephanK (Florida)
Posts: 11
Posted:
I took over a two member HOA.
We are incorporated as a non-profit in FL.

I saw the old tax returns, the are 1120 (no H).

I thought we have to do a 1120H?

TimB4 (Tennessee)
Posts: 21,062
Posted:
You must file tax returns.

You may or may not qualify to use the tax form 1120-H (which gives certain advantages).

Regardless of qualification, you can always use form 1120 (which gives different advantages).

StephanK (Florida)
Posts: 11
Posted:
Thank you!

I have tried to google when these are due, but I am not sure. I was told 8/15, but I believe this is after an extension.

Any other forms we need to file?
DouglasK1 (Florida)
Posts: 2,046
Posted:
I am pretty sure it is March 15. I also recall reading in the 1120H instructions that you need to pick one or the other and stick with it, not change randomly between them.
Escaped former treasurer and director of a self managed association.
TimB4 (Tennessee)
Posts: 21,062
Posted:
Corporate taxes are due on the 15th day of the fourth month after your tax year ends.

If your tax year is the same as the calendar year (Jan 1 to Dec 31), then they would be due April 15th.

From the 1120 instructions:

When To File:
Generally, a corporation must file its income tax return by the 15th day of the 4th month after the end of its tax year. A new corporation filing a short-period return generally must file by the 15th day of the 4th month after the short period ends. A corporation that has dissolved generally must file by the 15th day of the 4th month after the date it dissolved.

However, a corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month after the end of its tax year. A corporation with a short tax year ending anytime in June will be treated as if the short year ended on June 30, and must file by the 15th day of the 3rd month after the end of its tax year.If the due date falls on a Saturday, Sunday, or legal holiday, the corporation can file on the next business day.

TimB4 (Tennessee)
Posts: 21,062
Posted:
Quote:
Posted By TimB4 on 08/17/2019 7:37 AM

IRS Form 1120-H webpage lost of info

Err, Lots of info
RichardP13 (California)
Posts: 3,868
Posted:
Actually corporate taxes are due the third month, not the fourth. Personal are April 15th.
StephanK (Florida)
Posts: 11
Posted:
Not all corporations tax returns are dues 3/15. C Corporations are due 4/15.
TimB4 (Tennessee)
Posts: 21,062
Posted:
Quote:
Posted By RichardP13 on 08/17/2019 8:17 AM
Actually corporate taxes are due the third month, not the fourth. Personal are April 15th.

I thought that too. However, when I checked (which I cited and provided links) it said the 4th month.

Perhaps it changed.

Did you read the latest instruction.
RichardP13 (California)
Posts: 3,868
Posted:
My apologies, it appears it changed this year.
TimB4 (Tennessee)
Posts: 21,062
Posted:
Took a look.

It changed in 2016.

Prior to that, it was the 3rd month.
StephanK (Florida)
Posts: 11
Posted:
THANK YOU ALL!

Any other forms we need to file?
TimB4 (Tennessee)
Posts: 21,062
Posted:
State Taxes
States typically require an annual corporate report (typically, who is on the board, officers, registered agent, etc.).

Suggest you make an Association calendar identifying when things need to be filed and when the work on them should start.
This will help current and future boards.
CarolF (Florida)
Posts: 435
Posted:
Are you actually a NON-PROFIT, or are you a not for profit corporation (a term FL uses).
StephanK (Florida)
Posts: 11
Posted:
Don't even know the difference ...

Well, we are registered with the Department of Corporations as a Domestic Non-Profit corporation. Registration number starts with "N".

As far as I know, we did not register for any tax-exempt status or so.

All previous 1120 tax forms show zero profit.

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