OvernightAccountant.com has created an online course to help Homeowner Associations prepare Form 1120H, Tax Return for a Homeowners Association. The course, Form 1120H Basics, provides step by step instruction on the preparation of Form 1120H, simplifying the tax filing process and saving hundreds, even thousands of dollars in professional fees. The web-based educator has also created a series of articles that center on answering to most common question Brett Hersh, author & course instructor, has received over the years, “Does my HOA have to file a tax return?” His article, “Do HOAs Need to File a Tax Return?” answers this question (hint: It’s yes) and links to other HOA tax articles.
OvernightAccount.com announces the creation of online resources to help homeowners associations understand their federal tax obligations and a training course designed to help HOAs prepare Form 1120-H, the tax return most commonly filed by HOAs.
“There are over 350,000 HOAs U.S., and surprisingly few realize they are required to file a tax return each year.” Say’s Brett Hersh, an IRS Enrolled Agent who created the course and related resources. “Most are small associations managed by part-time volunteers, volunteers that often change from year-to-year and have little time to develop a working knowledge of their federal tax obligations,” He continued.
Reducing the confusion surrounding HOA taxation and bringing more associations into compliance is why Overnight Accountant created the online course, Form 1120-H Basics, as well as a series of articles and a brief YouTube video, called a Two Minute Tax Take to help HOAs understand which tax return they are required to file.
The articles discuss a variety of HOA tax issues, but center on answering to most common question Hersh has received over the years. The question: “Does my HOA have to file a tax return?” His article, “Do HOAs Need to File a Tax Return?” answers this question (hint: It’s always YES). The article also links to other HOA tax articles on the site.
According to Hersh, Form 1120-H is a relatively simple return for most Homeowners Associations can prepare on their own. “That’s why we created the course,” he says. “Most professionals charge $250 or more to prepare this return. We charge $85 for a class HOAs can use year after year to prepare their own 1120H, saving hundreds, even thousands, of dollars in professional fees.”
OvernightAccountant.com is a learning institution devoted to helping businesses and organizations achieve their potential, save money, and stay in compliance with tax regulations.
I just completed the 1099-NEC/MISC course - this was very helpful to me. It is greatly appreciated.- Tammy L, Anchorage, AK, 1099-NEC & 1099-MISC Course (Training Edition) Course
Jam packed with info. I feel ready to finalize the year and tackle my taxes!- Cassie, Biloxi, MS, Real Estate Agent Tax-Cut Library, Agent Edition Course
I found the course informative, and it met my needs. We have a fairly straightforward and non-complex HOA currently with few expenses and only assessments as revenue, so the course was extremely relevant, and I was able to ensure I was filling out the correct tax form and populating the appropriate fields. I have materials now that also explains why we are using the 1120H and the methodology behind it. So overall very pleased with your course materials! I would recommend it to anyone in a similar situation.- Chris L, Nashville, TN, 1120-H Basics Course
The course was excruciatingly detailed, which I appreciate. I definitely recommend this course to anyone who even thinks they may need it.- Greg, Brookfield, IL, 1099-MISC Basics (Training Edition) Course
I haven’t practiced in the accounting field in quite some time and wanted a refresher. The Overnight Account course 1099-Misc Basics was very helpful! It was simple to follow along and understand each section. I would highly recommend this course! Staff were quick to answer my question as well. I love that I can review the modules again, if needed, at any time. I will definitely be using them again for more classes.- Tammy, Anchorage, AK, 1099-MISC Basics Course