Music, today we're going to talk a little bit about Florida HOA and condo association tax returns. In Fish, we do tax returns in all 50 states. Some states are very challenging, like California, while others have no income tax or very minimal requirements when it comes to HOA. Therefore, the returns themselves are pretty easy to do. Florida, of course, is a state with no personal income tax, making it very easy for individuals. However, they do have some rules regarding tax for corporations and homeowners and condo associations. In fact, if a homeowners association files a corporate tax return using form 1120, then Florida will require the corporation to file in Form 1120 or Form 1120H, whichever is applicable. But, the good news is that the majority of HOAs will qualify under the federal guidelines called Section 528. Section 528 encompasses a variety of criteria, most of which are related to residential HOAs and condo associations. As long as the HOA qualifies under Section 528, Florida will not require a tax return for that specific HOA. So, if you're thinking about doing tax returns or if you have an HOA return that needs to be filed in Florida, the process will be a bit easier. It's a quicker and simpler state to do business with compared to others. However, still, pay attention to a few key criteria to avoid getting into trouble.
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Video instructions and help with filling out and completing Which Form 1120 C Associations
