Get Fillable Form 1120-H: For Homeowners Associations US ...

Late filing of return. In addition to losing the right to elect to file Form 1120-H, a homeowners association that doesn't file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax.

Providers and Large Taxpayers authorized to participate in the Internal Revenue Service e-file program can file Forms 1120 (U.S. Corporation Income Tax Return), 1120-F (U.S. Income Tax Return of a Foreign Corporation), and 1120-S (U.S. Income Tax Return for an S Corporation) through Modernized e-File.

There is less risk associated with completing form 1120-H. This is because the HOA is filing such a return are not grouped in for audit purposes with large corporations. The exempt function income of the HOA is not taxable. However, any income in excess of expenses (whether exempt or not) is taxable under form 1120.

Tax returns A corporate taxpayer is required to file an annual tax return (generally Form 1120) by the 15th day of the fourth month following the close of its tax year. A taxpayer can obtain an additional six-month extension of time to file its tax return. Failure to timely file a return may result in penalties.

There is less risk associated with completing form 1120-H. This is because the HOA is filing such a return are not grouped in for audit purposes with large corporations. The exempt function income of the HOA is not taxable. However, any income in excess of expenses (whether exempt or not) is taxable under form 1120.

Generally, an association must file Form 1120-H by the 15th day of the 4th month after the end of its tax year. However, an association with a fiscal year ending June 30 must file by the 15th day of the 3rd month after the end of its tax year.

The 1120H, U.S. Income Tax return for a Homeowners Association, cannot be electronically filed. It can be generated for paper-filing by creating a corporate return, going to the first Other Forms tab, and selecting the H 1120-H Homeowners Associations screen.

A corporation that's not an S corporation may use either the calendar year or a fiscal tax year. The corporate tax return is generally due by the 15th day of the fourth month following the end of the corporation's tax year.