Condominium and HOA's Tax Services
Although most condominiums are established as not-for-profit corporations, they are not tax-exempt organizations. Condominium associations have an advantage in that they annually can choose to file one of two income tax forms. Depending on which form is chosen, certain types of association income will either be subject to or exempt from taxation. Even if your association has no taxable income, it still must file the required income tax forms annually. Sokol and Sokol can assist by evaluating the income tax planning alternatives and assist the association in choosing the best method to minimize income tax. We can also advise the association on any other federal and state tax returns are required (including state income, payroll, sales, state intangible, and county personal property taxes and more), when and where they must be filed, and assist in their preparation.