JeffC19 (Missouri)
Posts: 2
Posts: 2
Posted:
Hi,
I have recently joined a president of a 2-person board for a small MO rural HOA. We are an LLC (not a 501(c)) incorporated in 2011. I have learned that we've never filed taxes.
Our secretary has been in place since the beginning says that we don't need to file taxes since we don't make money. We DO take in yearly road fees and spend on road maintenance. We also have a checking and a money market account so a tiny bit of interest is being earned--less than $50 per year.
From what I have read, we should be filing an 1120-H, at the least, if not an 1120 for back years.
Our secretary refuses to discuss it or okay payment to a CPA to find out. I am scheduling one on my own before going back to her or to the homeowners with it.
Could I be wrong? Is there any HOA LLC that would not be required to pay taxes?
Just searching for as much info so I am prepared before my meeting. I'd like to keep my costs down.
THanks.
I have recently joined a president of a 2-person board for a small MO rural HOA. We are an LLC (not a 501(c)) incorporated in 2011. I have learned that we've never filed taxes.
Our secretary has been in place since the beginning says that we don't need to file taxes since we don't make money. We DO take in yearly road fees and spend on road maintenance. We also have a checking and a money market account so a tiny bit of interest is being earned--less than $50 per year.
From what I have read, we should be filing an 1120-H, at the least, if not an 1120 for back years.
Our secretary refuses to discuss it or okay payment to a CPA to find out. I am scheduling one on my own before going back to her or to the homeowners with it.
Could I be wrong? Is there any HOA LLC that would not be required to pay taxes?
Just searching for as much info so I am prepared before my meeting. I'd like to keep my costs down.
THanks.