Prince Lobel Partner Diane R. Rubin has written an article about the recent “Tax Fairness & Business Competitiveness” law. While this “major piece of tax reform legislation” was meant to simplify tax reporting by business entities, its passage will, ultimately, impact both large and small condominium associations. According to Diane, “condos are typically organized as either not-for-profit associations or trusts, rarely as corporations, but must now use the corporate tax form.” The new forms are long and complex, so smaller condo associations that may not have the resources to hire legal and accounting professionals will feel the greatest impact.
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