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Ofc. 612.746.2580
Dir. 612.240.8005  
Suite 700  
5775 Wayzata Boulevard  
St. Louis Park, MN 55416  

maury@beaulier.com  


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Minnesota Condominium & Townhome Associations Pay Taxes

Generally, all domestic corporations must file income tax returns whether or not they have taxable income, unless the corporation is exempt under Sec. 501 of the Internal Revenue Code. Sec. 501 exempts non-profit groups organized only for charitable or mutual benefit purposes. Although a community association has the option of what type of return it wishes to file, a homeowners association may elect to take advantage of the certain tax benefits provided by Sec. 528 of the Internal Revenue Code. IRS Form 1120-H contains further information on the tax benefits available under the election and the requirements of the election. Our firm is able to provide referrals to qualified Certified Public Accountants. If you should have any further questions or concerns regarding Association accounting or tax requirements, please contact us for a potential referral in this area at (612) 240-8005.

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