Monthly Archives: March 2016

The “H” of Spades

If the headline pun falls flat for you, then you’ve never been a fan of Motorhead. Lemmy Kilmister passed away in December, having brought into this world such 200 mph hits as “Ace of Spades”. Rest in Peace, Lemmy.

Wild party animal that he was, he was also fond of cracking open P.G. Wodehouse on the tour bus. The things you may not know.

Coming up on tax time, that “H” means something a little different. But wait, isn’t there another month until April 15th? Not if you’re a corporation and all community associations are non-profit corporations. The corporate deadline is March 15th. (Don’t worry, your manager knows this and also knows about the free six month automatic extension.)

The 1120-H form is the federal tax form your association has to file. NOT to be confused with the 1120 form. That single H makes a difference when you get to the bottom line.

Several years ago, Urbanwood took over management of an association only to discover that previous management had been filing 1120 forms. We changed that faster than you can say: “Render Unto Caesar”. And surprise, the $200 or so the association owed in taxes every year magically went away.

I won’t pretend to understand the intricacies of the tax code that make that possible. I also won’t do your taxes for you: Urbanwood is a management, not an accounting firm. Our job is to know a little about a lot and to know those who know a lot about a little.

Know what who you know knows.