Tax Issues Facing Homeowners Associations: Form 1120-H, Over-Assessments and Tax-Exempt Status
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide welcomed tax advice for practitioners, board members, and owners participating in or advising homeowners' associations (HOAs). Our panel of experts will help advisers understand the three filing considerations HOAs should consider annually, historical precedents relative to HOAs, and how to minimize taxes paid by these residential associations.
- What is an HOA?
- Applying for tax-exempt status
- Filing Form 1120
- Electing to be taxed under IRC 528 and Form 1120-H
- Revenue ruling 70-604; handling over-assessments
- Exempt versus non-exempt income and UBIT
The panel will cover these and other essential matters:
- What is an HOA?
- Which HOAs should consider applying for tax-exempt status?
- How should HOAs handle over-assessments?
- When should an HOA file an 1120 versus an 1120-H?
- What is exempt income? What income is considered non-exempt?
John C. Knobelsdorf, II
Law Office of John Knobelsdorf II
Mr. Knobelsdorf foucuses on business and commerical matters, as well as tax issues for individuals and homeowner... | Read More
Mr. Knobelsdorf foucuses on business and commerical matters, as well as tax issues for individuals and homeowner associations.Close
Gary Porter, CPA
Porter & Lasiewicz
Mr. Porter has more than 40 years of HOA auditing and consulting experience, serving associations since 1976. He is the... | Read More
Mr. Porter has more than 40 years of HOA auditing and consulting experience, serving associations since 1976. He is the primary co-author of PPC's (Practitioners Publishing Company) Guide to Homeowners Associations and Other Common Interest Realty Associations, and Homeowners Association Tax Library. Mr. Porter was the editor of CAI's "The Ledger Quarterly" for its entire 15-year production run, and has also authored more than 300 technical articles on various association matters.Close