December, 2017

Tax Cuts and Jobs Act

December 22nd, 2017

Posted in IRS & Tax Information

The Tax Cuts and Jobs Act has now made its way through Congress and is awaiting signature from the President to become law. Since the Act generally gives a tax break to most people, it is expected to add $1.5 trillion to the deficit over the next ten years.  A law enacted in 2010, called PAYGO, requires such a large deficit created by a bill to be offset by spending reductions.  Currently, these cuts would require $150 billion in cuts for 2018, including a $25 billion cut to Medicare.  Congress would either have to change this law to avoid these cuts, or the President can delay the cuts by signing early next year.  However, Congress is currently working to pass a spending bill to prevent a government shutdown, and a waiver concerning PAYGO is in this spending bill, so we may see this Act become law in 2017.
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Financial Reporting Requirements for Community Associations

December 8th, 2017

Posted in Condominium & Homeowner Association Law

Condominium, cooperative, and homeowner associations have financial reporting requirements for each fiscal year.  Specifically, associations must prepare and complete a financial report within 90 days after the end of the fiscal year, or annually on a date provided in the bylaws.
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