Form 1120-H - U.s. Income Tax Return For Homeowners Associations - 2005 Page 3

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4
Form 1120-H (2005)
Page
Other Forms and Statements
For more information on change
Alabama, Alaska,
of tax year, see Form 1128,
That May Be Required
Arizona, Arkansas,
Regulations section 1.442-1, and
California, Colorado,
See the Instructions for Forms 1120
Pub. 538.
Florida, Georgia,
and 1120-A and Pub. 542,
Hawaii, Idaho, Iowa,
Corporations, for a list of other
Kansas, Louisiana,
Rounding Off to Whole
forms and statements the
Minnesota,
Dollars
Mississippi, Missouri,
Ogden, UT
association may be required to file.
Montana, Nebraska,
84201-0012
The association can round off cents
Nevada, New Mexico,
Assembling the Return
to whole dollars on its return and
North Dakota,
schedules. If the association does
Oklahoma, Oregon,
Attach Form 4136, Credit for Federal
round to whole dollars, it must
South Dakota,
Tax Paid on Fuels, to Form 1120-H.
Tennessee, Texas,
round all amounts. To round, drop
Attach schedules in alphabetical
Utah, Washington,
amounts under 50 cents and
order and additional forms in
Wyoming
increase amounts from 50 to 99
numerical order after Form 4136.
A foreign country or
Philadelphia, PA
cents to the next dollar (for example,
Complete every applicable entry
U.S. possession
19255-0012
$1.39 becomes $1 and $2.50
space on Form 1120-H. Do not write
becomes $3).
“See Attached” instead of
Paid Preparer Authorization
If two or more amounts must be
completing the entry spaces. If more
If the association wants to allow the
added to figure the amount to enter
space is needed on the forms or
IRS to discuss its 2005 tax return
on a line, include cents when adding
schedules, attach separate sheets
with the paid preparer who signed it,
the amounts and round off only the
using the same size and format as
check the “Yes” box in the signature
total.
the printed forms. If there are
area of the return. This authorization
supporting statements and
applies only to the individual whose
Depository Methods of Tax
attachments, arrange them in the
signature appears in the “Paid
Payment
same order as the schedules or
Preparer’s Use Only” section of the
forms they support and attach them
The association must pay any tax
return. It does not apply to the firm,
last. Show the totals on the printed
due in full no later than the 15th day
if any, shown in that section.
forms. Enter the association’s name
of the 3rd month after the end of the
If the “Yes” box is checked, the
and EIN on each supporting
tax year. The two methods of
association is authorizing the IRS to
statement or attachment.
depositing taxes are discussed
call the paid preparer to answer any
below.
questions that may arise during the
Accounting Methods
Electronic deposit requirement.
processing of its return. The
The association must make
Figure taxable income using the
association is also authorizing the
electronic deposits of all depository
method of accounting regularly used
paid preparer to:
taxes (such as employment tax,
in keeping the association’s books
● Give the IRS any information that
excise tax, and corporate income
and records. In all cases, the
is missing from the return,
method used must clearly show
tax) using the Electronic Federal Tax
● Call the IRS for information about
taxable income. Permissible
Payment System (EFTPS) in 2006 if:
the processing of the return or the
methods include cash, accrual, or
● The total deposits of such taxes in
status of any related refund or
any other method authorized by the
2004 were more than $200,000 or
payment(s), and
Internal Revenue Code.
● The association was required to
● Respond to certain IRS notices
Change in accounting method. To
use EFTPS in 2005.
about math errors, offsets, and
change its method of accounting
If the association is required to
return preparation.
used to report taxable income (for
use EFTPS and fails to do so, it may
The association is not authorizing
income as a whole or for any
be subject to a 10% penalty. If the
the paid preparer to receive any
material item) the association must
association is not required to use
refund check, bind the association
file Form 3115, Application for
EFTPS, it may participate voluntarily.
to anything (including any additional
Change in Accounting Method. For
To enroll in or get more information
tax liability), or otherwise represent
more information, see Form 3115
about EFTPS, call 1-800-555-4477.
the association before the IRS.
and Pub. 538, Accounting Periods
To enroll online, visit the EFTPS
and Methods.
The authorization will
website at
automatically end no later than the
Depositing on time. For EFTPS
Change of Tax Year
due date (excluding extension) for
deposits to be made timely, the
filing the association’s 2006 tax
Generally, an association must get
association must initiate the
return. If the association wants to
the consent of the IRS before
transaction at least 1 business day
expand the paid preparer’s
changing its tax year by filing Form
before the date the deposit is due.
authorization, see Pub. 947, Practice
1128, Application To Adopt, Change,
Deposits with Form 8109. If the
Before the IRS and Power of
or Retain a Tax Year. However,
association does not use EFTPS,
Attorney.
under certain conditions, an
deposit tax payments (and
association can change its tax year
estimated tax payments) with Form
without getting the consent.
8109, Federal Tax Deposit Coupon.

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