Tag Archives: taxable

Association Taxation and Reserves

The Internal Revenue Service (“IRS”) excludes from an association’s taxable income those amounts which are properly kept and used for capital contributions.  In several significant Revenue Rulings, the IRS considered special assessments for major repairs and replacements to be capital contributions in addition to capital contributions to reserve funds from annual assessments.

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Tax Time

Assocations must file!

Tax Time   While the end of the year traditionally means a congested calendar and a lengthy to-do list for most people, Associations also face another important year-end activity:  preparing to file federal – and, in some cases, state-tax forms.

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