i'v lived in a condo for almost 15yrs. The board decided it would be best if the homeowner association applied for an EIN #. I went on the irs site to apply and all went well until i got to the start business date. The building was built in 1978 and there was never an ein applied for. it always went under an individuals SS#. I don't know what date enter since the site won except dates that are over 25 yrs old. do I apply as though its a new business?
Please help
1 Answer from Attorneys
You're probably going to have to apply as if you are a new business to get the EIN. Then, the next question will be is the Homeowners Association obligated to file an income tax return (Form 1120), or is it tax exempt, Filing Form 1120-H? This return is normally due March 15 for a calendar year taxpayer. Does the association have employees? The Homeowners Association should have its own bank account, how was the account opened without an EIN? If someone on your board is an accountant, you should have a talk with them. Check out www.irs.gov for more information on Form 1120-H.
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