If your association pays any owner or Board member for services performed for the association, the association is required to report the earnings to the IRS.
Income earned ($600 or more) is taxable to the recipient and must be reported on their income tax returns. The Board should secure a completed Form W-9 from any paid owner/Board member. A Form 1099-MISC should be completed and delivered to the recipient by January 31. Government copies and Form 1096 must be filed by February 28.