A reciprocity or reciprocal agreement is a contract that establishes an ongoing working relationship between two entities. As part of the terms of this contract, both parties pledge to share resources and assist each other in achieving the stated goals for the entities. A typical reciprocal agreement will establish what is known as a quid pro quo relationship. This simply means that each party will extend the use of resources to the other, with the understanding that this exchange is designed to allow both parties to benefit.
Massachusetts Reciprocal Agreement Between Homeowners Associations
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Multi-State
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US-01894BG
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Word;
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FAQ
Two Options for Massachusetts HOA Tax Returns By filing Form 1120, HOA put all its income to be taxable; any funds set aside or in excess of expenditure will be taxed. Form 1120 has also proven to be complex, requiring some level of accounting and bookkeeping that most HOAs do not keep.
Massachusetts HOA Laws and Regulations Homeowners associations in Massachusetts are not governed or regulated by any act. Chapter 138A of the State Code describes condominium management but those laws do not apply to HOAs.
(1) The purpose of revenue ruling 70-604 is to allow a homeowners association that has excess member income in a given tax year to either refund that excess to the members or roll it over to the next tax year to avoid taxation of the ?inadvertent? excess member income.
Massachusetts HOAs and condo associations must file Articles of Incorporation with the Secretary of State, and therefore, are considered corporations and must file taxes just like any other corporations across the country.
A homeowners association files this form as its income tax return to take advantage of certain tax benefits. These benefits, in effect, allow the association to exclude exempt function income from its gross income.
There is less risk associated with completing form 1120-H. This is because the HOA is filing such a return are not grouped in for audit purposes with large corporations. The exempt function income of the HOA is not taxable. However, any income in excess of expenses (whether exempt or not) is taxable under form 1120.