The “tax man cometh” even for nonprofit community and condominium Associations. Because AMG has been assisting clients with documenting and meeting their tax obligations for more than 30 years, we have the ability to do so efficiently and cost-effectively.
Many community leaders do not realize that Associations have options when it comes to filing income taxes. Although virtually all Associations must file taxes, the choices made between an 1120 or an 1120H tax return can mean the difference of paying 10% or 30% of your non-purpose income. AMG can link you with the appropriate tax professionals to help you make the right choices.
Proper planning can in many cases reduce tax liability, enabling community funds to be spent on community projects instead of taxes.