Question:
Our Activity Committee wants to have money making events, but we are told we are only allowed 2 a year , then we have to pay taxes
– John
Answer:
Hi John,
If your HOA files a federal return on Form 1120, you are required to file a Florida Corporate/Franchise Income Tax Return (Form F-1120), regardless of whether any tax is due. However, if you file federal Form 1120-H, then you are not required to file a Florida corporate income tax return. It is best to seek help from an accountant as well as an attorney if you wish to hold more than two fundraisers a year. Additionally, keep in mind that hosting fundraisers does pose certain liabilities, too, such as security issues, slip-and-fall injuries, etc.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
