If an association retains the services of an independent contractor, it is important to know when a 1099-MISC tax form must be provided to the contractor and filed with the Internal Revenue Service (IRS). Generally, IRS regulations require that businesses and organizations submit a Form 1099-MISC for any independent...
Financial
Published
Over $11,000 Collected for Association From A Tenant in a Foreclosure Case
Kaman & Cusimano recently collected over $11,000.00 for an association in a foreclosure action. To prevent the delinquent owner from collecting the rental payments from the tenant, the Court appointed a receiver to collect the payments directly from the tenant. For two years, the tenant remitted monthly rental payments...
Published
1500+ Board Members Attend Financial Crisis Seminar
The desire of volunteer board members to benefit community associations continues to amaze and impress. In April, over 1500 board members attended Kaman & Cusimano, LLC’s spring seminar series entitled “The Financial Crisis – What Every Board Member Needs to Know.” This seminar detailed ways for a board to manage the...
Published
K&C Obtains $13,000 Refund in Property Taxes Improperly Charged to HOA
A homeowners association received a tax bill for more the $27,000 and paid approximately $13,000, which was due for the first half of the year. The association believed it was being improperly assessed but had been unsuccessful at convincing the County Auditor’s office to remove the charges allegedly due...
Published
Condominium Board Faced Discrimination Claim for not obtaining FHA Approval
Recently, a central Ohio condominium board faced a Fair Housing discrimination claim for not obtaining FHA approval. A potential purchaser of a unit within the condominium brought the action, alleging that the board did not cooperate in seeking FHA approval for racially based, and discriminatory reasons. While ultimately, the...