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tax year by filing Form 1128,

Depositing on time. For deposits

Application To Adopt, Change, or

Statements That May Be

made by EFTPS to be on time, the

Retain a Tax Year. However, under

association must submit the deposit

Required

certain conditions, an association can

by 8 p.m. Eastern time the day before

See the Instructions for Form 1120

change its tax year without getting the

the date the deposit is due. If the

and Pub. 542, Corporations, for a list

consent.

association uses a third party to make

of other forms and statements the

deposits on its behalf, they may have

For more information on change of

association may be required to file.

different cutoff times.

tax year, see the Instructions for Form

Assembling the Return

1128 and Pub. 538, Accounting

Same-day payment option. If the

Periods and Methods.

association fails to submit a deposit

Attach Form 4136, Credit for Federal

transaction on EFTPS by 8 p.m.

Tax Paid on Fuels, to Form 1120-H.

Rounding Off to Whole

Eastern time the day before the date a

Attach schedules in alphabetical order

Dollars

deposit is due, it can still make its

and additional forms in numerical

deposit on time by using the Federal

The association can round off cents to

order after Form 4136.

Tax Collection Service (FTCS). To

whole dollars on its return and

Complete every applicable entry

use the same-day wire payment

schedules. If the association does

space on Form 1120-H. Do not write

method, the association will need to

round to whole dollars, it must round

“See Attached” instead of completing

make arrangements with its financial

all amounts. To round, drop amounts

the entry spaces. If more space is

institution ahead of time. Please

under 50 cents and increase amounts

needed on the forms or schedules,

check with the financial institution

from 50 to 99 cents to the next dollar

attach separate sheets using the

regarding availability, deadlines, and

(for example, $1.39 becomes $1 and

same size and format as the printed

costs. Financial institutions may

$2.50 becomes $3).

forms. If there are supporting

charge a fee for payments made this

If two or more amounts must be

statements and attachments, arrange

way. To learn more about the

added to figure the amount to enter on

them in the same order as the

information you will need to provide

a line, include cents when adding the

schedules or forms they support and

your financial institution to make a

amounts and round off only the total.

attach them last. Show the totals on

same-day wire payment, go to

the printed forms. Enter the

IRS.gov/SameDayWire.

Payment of Tax (Line 24)

association's name and EIN on each

Estimated Tax and

supporting statement or attachment.

The association must pay any tax due

in full no later than the due date for

Alternative Minimum Tax

Accounting Methods

filing its tax return (not including

The estimated tax and alternative

extensions). Do not include the

Figure taxable income using the

minimum tax requirements do not

payment with the tax return. However,

method of accounting regularly used

apply to homeowners associations

see the

Line 24. Amount

owed, later.

in keeping the association's books

electing to file Form 1120-H.

and records. In all cases, the method

Electronic deposit requirement.

However, a homeowners association

used must clearly show taxable

Associations must use electronic

that does not elect to file Form 1120-H

income. Permissible methods include

funds transfers to make all federal tax

may be required to make payments of

cash, accrual, or any other method

deposits (such as deposits of

estimated tax. Because the election is

authorized by the Internal Revenue

employment, excise, and income tax).

not made until the return is filed, Form

Code.

Generally, electronic funds transfers

1120-H provides lines for estimated

are made using the Electronic Federal

Change in accounting method.

tax payments and the crediting of

Tax Payment System (EFTPS).

Generally, the association must get

overpayments against tax if estimated

However, if the association doesn’t

IRS consent to change either an

tax payments or overpayments apply.

want to use EFTPS, it can arrange for

overall method of accounting or the

Interest and Penalties

its tax professional, financial

accounting treatment of any material

institution, payroll service, or other

item. To do so, the association

Interest. Interest is charged on taxes

trusted third party to make deposits on

generally must file Form 3115,

paid late even if an extension of time

its behalf. Also, it may arrange for its

Application for Change in Accounting

to file is granted. Interest is also

financial institution to initiate a

Method. See the Instructions for Form

charged on penalties imposed for

same-day tax payment (discussed

3115 and Pub. 538 for more

failure to file, negligence, fraud,

below) on its behalf. EFTPS is a free

information and exceptions. Also see

substantial valuation misstatements,

service provided by the Department of

Rev. Proc. 2016-29, 2016-21 I.R.B.

substantial understatements of tax,

the Treasury. Services provided by a

880; as modified by Notice 2017-6,

and reportable transaction

tax professional, financial institution,

2017-3 I.R.B. 422; and as amplified

understatements from the due date

payroll service, or other third party

and modified by Rev Proc. 2017-30,

(including extensions) to the date of

may have a fee.

2017-18 I.R.B. 1131; or any

payment. The interest charge is

successor.

To get more information about

figured at a rate determined under

EFTPS or to enroll in EFTPS, go to

section 6621.

Change of Tax Year

EFTPS.gov, or call 1-800-555-4477

Late filing of return. In addition to

Generally, an association must get the

(TTY/TDD 1-800-733-4829).

losing the right to elect to file Form

consent of the IRS before changing its

-4-

Instructions for Form 1120-H

Instructions For Form 1120-H - U.s. Income Tax Return For Homeowners Associations - 2017 Page 4

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