Re: HOA taxes
From: Rosemary McNaughton (astromezzogmail.com)
Date: Mon, 8 Feb 2010 18:55:57 -0800 (PST)
I tend to agree with Diana, being in a similar position.  I don't want to do
what's expedient now and put our community at risk for great expense and
effort down the line due to an audit.  That said, if a condominium
association isn't the best legal structure for some of our community
activities, I'm interested in exploring what would encompass those
activities in a more natural way, without costing us a lot of money either
to set up or to maintain through the years.

We worked once with tax accountants who seemed very liberal in their
judgments about what was legitimate, and they couldn't back it up with
evidence for us.  They seemed unaware of some issues that I'd uncovered in
learning about the differences between filing 1120-H and 1120, and how to
treat reserve funds, etc.  So I didn't feel I could trust their choices.  We
have tried to get single-question tax advice from other tax accountants, but
they want to have our whole business, not just take a few hundred dollars
for a one-off question.

-Rosemary

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