Tax Time: HOA Deadlines You Should Know

January 19, 2016    Education

Each homeowner’s association (HOA) has specific tax reporting and filing requirements. In order to maximize efficiency, the HOA Board of Directors should contact your Association’s accounting professional for details. For your convenience, please find a brief summary of California HOA tax return deadlines below.

Posted by: ECHO
http://www.echo-ca.org/article/eight-hoa-tax-reporting-and-filing-deadlines-you-should-know

EIGHT HOA TAX REPORTING AND FILING DEADLINES YOU SHOULD KNOW
 

Tax Return Deadlines

Employment Tax Returns
Standard Deadline: 30 days after the end of each calendar quarter

For those associations that hire employees, Federal Form 941 and California Form DE-6 are due 30 days after the end of each calendar quarter. Tax payments are due semi-weekly, monthly or at the filing date, depending upon the amount owed. Annual tax reports (Federal W2, 940; California DE-7) are due January 31.

Federal Income Tax Returns
Standard Deadline: March 15

All associations, regardless of size, must file a Federal income tax return two and a half months after the end of its fiscal year. For calendar year associations, the due date is March 15, although it can be extended for 6 months by filing an extension form (IRS Form 7004). HOAs may elect to file Form 1120H or the standard corporate form 1120.

California Income Tax Returns
Standard Deadline: March 15

California Form 100 is also due the same time as Federal returns. While most associations have “tax-exempt” status with the State of California, non-membership income such as interest is taxable. If the association has more than $100 in non-membership income, then a return is required. Failure to file Form 100 can result in significant penalties and interest if tax is owed. It can also result in the suspension of the corporation by the state.

See full list here

Your HOA manager can help during tax time and in other important areas that affect your homeowner’s association, such as understanding the law, conducting a reserve study, and providing support for the management of the day-to-day tasks of the Association.


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