Could Homeowner’s Associations possibly owe corporation income tax (they are excluded from LLET at this time)?
Yes. It may happen that even though the Association may not owe Federal Corporation Income Tax (Federal form 1120H), the company may owe Kentucky Corporation Income Tax because of the differences between Federal and Kentucky tax law. This is rare, but it could occur. I am preparing my company’s federal Form 1099 information for the Federal Government. Does Kentucky need the ‘state’ copy of these documents? At this time the Kentucky Department of Revenue does not require federal Form 1099 ‘state’ copies to be filed for corporation tax purposes. It is recommended that copies be kept in the taxpayers records should the Department need to make a reference to them. I am preparing my company’s Form 990, Return of Organization Exempt form Income Tax, for the Federal Government (a non-profit/501(c) company). Does Kentucky need a copy of this form sent in for Kentucky reporting purposes? A copy does not have to be filed with the Kentucky Department of Revenue. However, the Kentucky Attorney Gen
