Condos, Coops, & HOAs: Federal Tax Issues (Currently Unavailable)
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This course explains the varied and unusual details of the income and expense positions of the CIRA Industry and their federal income tax issues. There are specific Revenue Rulings which will be explained that deal with issues of income carryforward, capital contributions in reserves versus normal expenses, and what is income to a CIRA. “Should we file an 1120 or 1120H or 1120C???” are some of the major issues that accountants need to assist their clients with. The course also covers issues with property taxes and sales and use taxes for CIRAs.
Publication Date: November 2019
Designed For
The course is designed for CPAs and other accounting professionals working in the tax areas of CIRAs. The tasks include filing tax returns, giving advice to the CIRA clients, and assisting with tax matters in conjunction with audits, reviews, compilations, and preparations. The AICPA’s Tax Standards and other federal and state tax matters are dealt with for the benefit of the CPA professional.
Topics Covered
- Common Interest Realty Associations' (CIRAs') Tax Problems
- Common Characteristics
- Not for Profit ???
- Tax Exempt ???
- Types of CIRAs
- Variations
- Common Tax principles Relating to CIRAs
- IRS Activity
- Form 1120 U.S. Corporation Income Tax Return
- 1120”H
- Cira Capital Contributions
- Form 1120”C
- Financial vs Tax
- Where are we going?
Learning Objectives
- Identify the types of federal tax returns available to an association, such as, Form 1120, Form 1120H, or Form 1120C
- Describe the mechanics of filing a CIRA's tax return depending on the type of CIRA and the return needed
- Recognize the elections that CIRAs may make concerning revenue, capitalization issues, and deductions for the association
- Identify when an owner/member of an association may be affected by the CIRA's tax implications
- Recognize tax issues facing CPAs in the Common Interest Realty Association (CIRA) industry for 2019
- Identify the effect of federal income tax laws facing CIRAs
- Describe issues of revenue rulings, tax advice memorandums, and tax cases involving CIRAs
- Recognize the effect of accounting and auditing and other tax law issues facing CIRAs
- Identify correct statements with respect to IRS audit activity
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of the CIRA Industry.
Advance Preparation
None
