joelgilb Posted April 12, 2009 Report Share Posted April 12, 2009 Just doing a favore for my old townhome assoc here. Used to be a president of my Townhome Assoc in IL. The new treasurer took over my duties for the tax preparation when I sold the unit and left. Thought I trained him well to file a timely return by 03/15/09, but guess I FAILED MISERABLY! At any rate, he is now late on the return. The rules say: 1. You must elect to file the 1120H each year by filing a timely 1120-H (including extensions) 2. that one can no longer file the 1120H but must file form 1120 (or other applicable income tax return) if the return is late. I am wondering if anyone has any experience with IRS on this and if they are more lenient and will accept the 1120 H even though the election is now technically late. Not a big deal as either way they should not have any taxable income (unless things have drastically changed sine I was there, and I doubt it, because I was brought on the board since the previous boards bankrupted the association. BTW, I did manage to get them solvent during my 2.5 years as President! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 12, 2009 Report Share Posted April 12, 2009 Good for you, Joel. I've filed some 1120-Hs late that were brought to me late; in spite of the warning about annual election, I filed the H a couple of times for a couple of different clients late. Haven't heard a word from the IRS. In fact, when a treasurer changed, they came to me with two years of info, so we filed two years in separate envelopes but close together with one obviously late. In CT, if late, there appears to be a late fee of $50. But, the first time I had a late one and told them to send the $50, CT returned it. Now, I don't have them send anything to CT when late. Hopefully, they have bigger fish to fry. Quote Link to comment Share on other sites More sharing options...
GLJEANNE Posted April 13, 2009 Report Share Posted April 13, 2009 Same here - I've filed late, and had the same scenario with filing two years at once, and not a peep from our friends. I'd guess 1120-Hs are pretty well at the bottom of their priority list. Quote Link to comment Share on other sites More sharing options...
joelgilb Posted April 13, 2009 Author Report Share Posted April 13, 2009 That is hwat I was both expecting and hoping. Thx Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted April 13, 2009 Report Share Posted April 13, 2009 Same experience here. Filed it even though it was late. Never heard back from the IRS. taxbilly Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 13, 2009 Report Share Posted April 13, 2009 A you said, for these small guys, a C would still have them owing no taxes, so what incentive does the IRS have to even take a look?! Quote Link to comment Share on other sites More sharing options...
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