[WSBARP] WSBARP Digest, Vol 94, Issue 21

Sun Jul 24 19:51:22 PDT 2022

Douglas,      You are still a nonprofit. And yes, they do have to file a tax return. They probably should have all along. There are a lot of smaller HOAs that don't think they have to file tax returns but do. I am no expert on the subject. However, it used to be many years ago you had to have $25,000 in gross receipts  before you had to file. I recently had to check with a CPA for a small HOA and that apparently is no longer the case and the client needed to file. 
Steve 

Stephen WhitehouseWhitehouse & Nichols, LLPP.O. Box 1273601 W. Railroad Ave. Shelton, Wa. 98584360-426-5885swhite8893 at aol.com

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Subject: WSBARP Digest, Vol 94, Issue 21

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Today's Topics:

  1. Off Topic - Collection Demand (Jeff at bellanddavispllc.com)
  2. non-profit corp. HOA (Douglas Scott)

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Message: 1
Date: Sat, 23 Jul 2022 12:00:48 -0700
From: <Jeff at bellanddavispllc.com>
To: "'WSBA Real Property Listserv'" <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Off Topic - Collection Demand
Message-ID: <025f01d89ec6$869514e0$93bf3ea0$@bellanddavispllc.com>
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Listmates:

This is an off topic question.  Client loans large sum of money to a "rea
estate developer."  Even gets a promissory note.  Of course money not
repaid, always excuses.  Turns out the borrower is a scammer.  He obtains
private loans on promises to large returns flipping real estate.  He is so
bad, the Washington State Department of Financial Institutions entered
detailed findings and a cease and desist order against the person.  The
client's facts fit well within the findings of the cease and desist order.  

In the past, I always thought you could not threaten criminal prosecution
for non-payment, when demanding repayment.  I think it was a class C felony
to do so.  However, would it be wrong to threaten contacting the Department
of Financial Institutions or even the IRS?  It is certainly not threatening
criminal prosecution.

I understand that people like this could care less about government
authority as they have gotten away with their scams for so long, however, I
don't want to run afoul of the fair debt collection practices.

Jeff

W. Jeff Davis

BELL & DAVIS PLLC
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129 
Fax: (360) 683.1258 
email:  <mailto:jeff at bellanddavispllc.com> jeff at bellanddavispllc.com
 <http://www.bellanddavispllc.com/> www.bellanddavispllc.com

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Message: 2
Date: Sat, 23 Jul 2022 14:14:09 -0700
From: Douglas Scott <doug at rainieradvocates.com>
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] non-profit corp. HOA
Message-ID:
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Non-profit corporation HOA will be renting out a unit (maybe $2500 per
month) that it now owns and generating some income.  It is not really
"profit" since this income will be devoted to HOA expenses. Does the HOA
still qualify as non-profit?  I think so.
Also, does the HOA now need to complete income tax returns, etc?

*DOUGLAS W. SCOTT*
Rainier Legal Advocates|LLC

465 Rainier Blvd. N., Suite C
Issaquah, Washington 98027
425.392.8550 (tel)
425.392.2829 (fax)

www.rainieradvocates.com

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