Category: Financial
Tax Facts
In case your board is unaware, virtually all community associations must file a federal income tax return. Associations must file or request an extension on ...
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Condominium and Homeowner Federal Tax Returns again Due
Tax season is here once again! As nonprofit corporations, every community association in Ohio is required to file an annual tax return with the Internal ...
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Every Association Must Complete and File 1099-MISC Forms
If an association retains the services of an independent contractor, it is important to know when a 1099-MISC tax form must be provided to the ...
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Over $11,000 Collected for Association From A Tenant in a Foreclosure Case
Kaman & Cusimano recently collected over $11,000.00 for an association in a foreclosure action. To prevent the delinquent owner from collecting the rental payments from ...
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1500+ Board Members Attend Financial Crisis Seminar
The desire of volunteer board members to benefit community associations continues to amaze and impress. In April, over 1500 board members attended Kaman & Cusimano, LLC’s spring ...
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K&C Obtains $13,000 Refund in Property Taxes Improperly Charged to HOA
A homeowners association received a tax bill for more the $27,000 and paid approximately $13,000, which was due for the first half of the year. ...
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Condominium Board Faced Discrimination Claim for not obtaining FHA Approval
Recently, a central Ohio condominium board faced a Fair Housing discrimination claim for not obtaining FHA approval. A potential purchaser of a unit within the ...
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Funding Reserves by Percentage Does Not Work
Some board members misinterpret the Ohio Condominium Act and the Planned Communty Act to mean that condominium associations only have to put away 10% of ...
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Condominium Fees Climbing
Recently, the Wall Street Journal reported that condominium fees are climbing, as a result of higher maintenance, operating, and reserve expenses, particularly in high-rise condominiums. ...
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FHA Condominium Approval Required?
As FHA insured mortgages become more and more prevalant in the Ohio condominium lending market, many board members and professional property managers have inquired as ...
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