by Beth Mulcahy, Esq.
Tax time is looming for all Arizonans and this is a commonly presented question for our firm at this time of the year…
Yes, an association is required to file state and federal taxes on or before March 15, 2015 for fiscal year 2014. Our law firm suggests that an association consult with a qualified C.P.A. who can assist the association with this process.
Occasionally, an association will contact us to let us know that the association has never filed taxes and questions how they should handle the situation. I suggest that a board in this situation immediately consult with a C.P.A. to discuss options. In most cases, the C.P.A. will suggest that the board file taxes for the current year and wait and see what the State of Arizona and the IRS do about prior tax years (so a wait and see approach).
If your association needs a referral for a C.P.A. for this purpose, please contact Beth Mulcahy, Esq. at (602) 241-1093.