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Form 1120-H for Palm Beach Florida: What You Should Know

The IRS has determined that the Form 1120 form submitted by a Florida HOA may be amended to increase the amount of its tax liability as the circumstances warrant. For more information on filing an amended return, refer to Rev. Run. 85-12. If an association returns a Form 1120 with adjustments, they Should consider filing an amended return if: The HOA owner's name has not changed The HOA has increased its income over 1,000 from the prior year The HOA has adjusted its property taxes in excess of the previous year's estimated amounts in the case where the current year is not included in the tax year The increase in income is more than 100% of the previous year's amount The tax and property assessments have not increased enough from the prior year to warrant re-assessment The amount of property that is being reassessed is not within the limitations for a 1/4-percent levy increase The HOA was liable for special assessments due to a disaster (tornado, water main break or flood) in the current tax year; the HOA was not held partially responsible for the special assessment due to a previous disaster In many cases that require substantial tax increases, homeowners can take steps today to ensure that they are not liable for additional taxes. Consider talking to your homeowners association administrator, property management or superintendent to discuss your tax situation and your options for addressing the additional taxes. Consult a registered agent about your options for avoiding a penalty for failing to file a return. Form 1120-I, U.S. Income Tax Return for Individuals, Employers & Institutions Form 1120-I is a form for filing a U.S. income tax return for individuals, and Form 1120-H is a form for filing a U.S. individual income tax return for individuals, businesses and other organizations. If you are filing Form 1120-I for yourself or other employees, refer to instructions. For tax information for a business or institution, refer to instructions. Forms are available by calling 1-800-TAX-FORM (), or by calling the IRS at. You can mail a Form 1120-G with attachments to the addresses listed below. Revenue and Tax Center C/O HOA Business Services 1401 S.A.C.K. Ave.

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