Instructions For Form 1120-H - 2016 printable pdf download

2016

Department of the Treasury

Internal Revenue Service

Instructions for

Form 1120-H

U.S. Income Tax Return for Homeowners Associations

knows and understands their rights

of the forms and publications it may

Section references are to the Internal

Revenue Code unless otherwise noted.

under the

Taxpayer Bill of

Rights.

need on

Otherwise, the association can go

Future Developments

As a taxpayer, the association has

to place an

rights that the IRS must abide by in its

For the latest information about

order and have forms mailed to it. The

dealings with the association. TAS

developments related to Form

association should receive its order

can help the association if:

1120-H and its separate instructions,

within 10 business days.

A problem is causing financial

such as legislation enacted after they

difficulty for the business.

were published, go to

General Instructions

The association is facing immediate

form1120h.

threat of adverse action.

Purpose of Form

The association has tried

What’s New

repeatedly to contact the IRS but no

A homeowners association files Form

Changes in due date for filing as-

one has responded, or the IRS hasn’t

1120-H as its income tax return to

sociation returns. For tax years

responded by the date promised.

take advantage of certain tax benefits.

beginning after 2015, the due date for

These benefits, in effect, allow the

The TAS tax toolkit at

filing association returns is generally

association to exclude exempt

can

the 15th day of the 4th month after the

function income (defined later) from

help the corporation understand these

end of the association’s tax year.

its gross income.

rights.

Special rules apply to associations

TAS has offices in every state, the

with tax years ending in June. See

Electing To File Form

District of Columbia, and Puerto Rico.

When To File, later.

1120-H

Local advocates’ numbers are in their

Increase in penalty for failure to

A homeowners association elects to

local directories and at

file. For returns required to be filed

take advantage of the tax benefits

/. The

after December 31, 2015, the

provided by section 528 by filing a

corporation can also call TAS at

minimum penalty for failure to file a

properly completed Form 1120-H.

1-877-777-4778.

return that is over 60 days late has

The election is made separately for

TAS also works to resolve

increased to the smaller of the tax due

each tax year and generally must be

large-scale or systemic problems that

or $205. See Late filing of return, later.

made by the due date, including

affect many taxpayers. If the

extensions, of the income tax return.

Photographs of

association knows of one of these

broad issues, please report it to TAS

This extension does not extend the

Missing Children

through the Systemic Advocacy

time to pay the tax.

The Internal Revenue Service is a

Management System at

Once Form 1120-H is filed, the

proud partner with the

National Center

sams.

association cannot revoke its election

for Missing & Exploited Children®

For more information, go to

for that year unless the IRS consents.

(NCMEC). Photographs of missing

advocate.

The association may request IRS

children selected by the Center may

consent by filing a ruling request. A

appear in instructions on pages that

How To Get Forms

user fee must be paid with all ruling

would otherwise be blank. You can

and Publications

requests. For more information on

help bring these children home by

ruling requests, see Rev. Proc.

looking at the photographs and calling

Internet. You can access the IRS

2016-1, 2016-1 I.R.B. 1.

1-800-THE-LOST (1-800-843-5678) if

website 24 hours a day, 7 days a

you recognize a child.

If the association does not elect to

week, at

IRS.gov

to:

use Form 1120-H, it must file the

Download forms, instructions, and

The Taxpayer Advocate

applicable income tax return, for

publications;

Service

example, Form 1120, U.S.

Order IRS products online;

Corporation Income Tax Return.

The Taxpayer Advocate Service

Research your tax questions online;

(TAS) is an independent

Search publications online by topic

A homeowners association should

organization within the IRS that helps

or keyword; and

compare its total tax computed on

taxpayers and protects taxpayer

Form 1120-H with its total tax

rights. TAS’s job is to ensure that

national tax news by email.

computed on Form 1120. The

every taxpayer is treated fairly and

Tax forms and publications. The

association may file the form that

association can download or print all

results in the lowest tax.

Jan 12, 2017

Cat. No. 24935G

Instructions For Form 1120-H - 2016

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