Tax returns for condominium associations are due March 15, 2010. EVERY association is required to file a federal Form 1120 or 1120-H. Associations with federally taxable income must also file an IL-1120.
Your association is a business, treat it accordingly. That means filing your income tax returns every year!
Our client recently received a $200 fine from the City of Chicago for trash left outside of their dumpster. Turns out that it was the neighbor's Christmas tree that had been left on the ground near the dumpster that triggered the fine.
$200 can be a lot of money for a small association. And the city is hurting for cash during tougher economic times. Don't become an easy target! Notify your owners that all trash must be completely in the dumpster and the dumpster must remain closed. If an extra pickup is needed to handle overflow, it will most likely cost less than a city fine.
Serving as a Board member for your condominium association tends to be a thankless job. Owners volunteer their time, effort and resources and often aren't recognized for their hard work. When owners do contact their Board, more often it is to complain or criticize rather than to offer words of gratitude or encouragement.
On behalf of condominium owners everywhere, HausFS and the Chicago Condo Resource would like to say THANK YOU to the individuals who take on the responsibility of serving on their Boards. Your neighbors may not know how hard you work, but we do. And we are grateful that you choose to make a positive contribution with your involvement.