Question
Form 1120-H Late Filing
Hello Tax Pros,
I have a new client that is in charge of her condo association and for the last 15 years didn't realize that they needed to file Form 1120-H annually. I have a few questions regarding their situation:
1. Can we file Form 1120-H for tax years 2008-2022 in this circumstance even though these tax returns are delinquent or are we required to file Form 1120 now?
2. Can we file Form 1120-H and include a cover letter providing a reasonable cause explanation for why the tax returns were not filed for the last 15 years?
I'm really wanting to file Form 1120-H since it's simpler and the tax implications would be much less, but I also want to make sure we're handling this situation correctly. Any guidance would be much appreciated.
-Tim
