TAXING BY KENNETH A. BLOOM, CPA QUESTIONS 1120 VS. 1120H: WHEN, WHY & HOW W e have all heard Benjamin Franklin's famous words that nothing in life is certain, except death and taxes. While condominium associations are exempt from death, they are not exempt from the requirement to file annual income tax returns, despite persistent beliefs to the contrary. Unlike individuals, there is no threshold amount of income below which an association is exempt from the requirement to file annual income tax returns, so even the smallest associations are required to file annually. July 2017 23