Blog
Income taxes can be a confusing topic for association boards. In this three-part blog series, we’ll provide an overview of association taxation and take a closer look at each federal filing option. In Virginia, the vast majority of associations are formed as nonstock corporations. As nonstock corporations, they are required to file annual federal income tax returns. Fortunately, through the choice of filing method and applicable IRS regulations, associations can significantly limit their income tax burden.
The new year tends to arrive with a sense of optimism—fresh calendars, approved budgets, and the hope that things might feel a little calmer once January hits. Of course, by the time we’re getting around to writing this, January is already nearly behind us—which says a lot about how quickly the year ramps up in the community association industry. The start of the year isn’t so much a reset as it is a gear shift.
While communities are settling into their annual plans, industry professionals are already deep in the work that keeps everything running—reviewing numbers, juggling staffing realities, and quietly stress-testing contracts to see where pressure might surface next.
While communities are settling into their annual plans, industry professionals are already deep in the work that keeps everything running—reviewing numbers, juggling staffing realities, and quietly stress-testing contracts to see where pressure might surface next.
Ever wonder what’s really happening behind a neighbor’s closed door? One community recently uncovered a disturbing situation involving a deployed service member, a drilled-out lock, and someone secretly living in her home. Thanks to an observant Board Member, the truth came to light before things got even worse.