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May 7, 2024

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Happy New Year, Chicago Condo Communities! Lauren Schrader What We're Thinking About Lately... 01 January 2024 Share Save Prioritize financial well-being: Your 2024 budget should adequately cover your operating needs and allow for a healthy contribution to reserves for future needs. Make it a goal to ensure you are charging assessments appropriately and collecting them successfully from all owners. Easily accomplish this goal when you partner with Haus Financial Services LLC to support your financial stability in the New Year.

May 7, 2024

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Your Chicago Guide to Holiday Recycling Alexa Jackson What We're Thinking About Lately... 09 January 2024 Share Save Your official guide to sorting out your holiday recycling routine is here, Chicago Department of Streets and Sanitation approved! Check out the full guide, here.

May 7, 2024

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2024 Resolutions for Your Condominium Association Alexa Jackson What We're Thinking About Lately... 23 January 2024 Share Save Many of us start a new year with resolutions and changes we vow to implement to make this new year better than the last one. Boards of directors should do the same thing—especially when the members of the board are managing a community where people live and spend so much time! Check out this list of resolutions to consider for your community association.

May 7, 2024

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2024 Chicago Shared Cost Sidewalk Program Alexa Jackson What We're Thinking About Lately... 16 January 2024 Share Save The 2024 Shared Cost Sidewalk Program is open to new applicants. This is a popular voluntary program in which property owners share the cost of sidewalk repair with the city. Applications will be taken on a first-come, first-served basis based on availability of funds. Find out more about the program here.

May 7, 2024

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The Corporate Transparency Act: New Reporting Requirements for Condominiums and Homeowner Associations Lauren Schrader What We're Thinking About Lately... 31 January 2024 Share Save A new federal law may require all condominium and homeowner associations to report information pertaining to the association's board members with the Federal Crimes Enforcement Network (FinCEN). This must be done by January 1, 2025. Here is what board members need to know now: Eligibility and Penalties: Starting January 1, 2024, certain types of corporate entities, including potentially all Illinois condominiums and homeowner associations, must comply with the Corporate Transparency Act (CTA).

May 7, 2024

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2023 First Installment Cook County Real Estate Tax Due March 1st Alexa Jackson What We're Thinking About Lately... 06 February 2024 Share Save The Cook County Treasurer has sent out the 2023 1st installment property tax bills, with payment due by March 1, 2024. These bills represent 55% of last year's total tax. Taxpayers are required to pay their tax bill regardless of any pending tax appeals. Any reductions in assessment resulting from a tax appeal will be reflected in the 2nd installment bill, which will be mailed later in the year.

May 7, 2024

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KSN introduces Brainy Board Alexa Jackson What We're Thinking About Lately... 13 February 2024 Share Save KSN Law, a prominent community association law firm in the Chicagoland area, has launched Brainy Board, an on-demand streaming and educational resource for community association board members. Learn more and create an account, here.

May 7, 2024

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2022 Income Tax Returns for Condo Associations Due April 18th (2) Lauren Schrader What We're Thinking About Lately... 16 March 2023 Share Save Condominiums associations are considered corporations in the eyes of the IRS. As such, they are required to file an annual tax return (either an 1120 or 1120-H). Condo associations showing taxable income on their federal returns are also required to file an IL-1120 with the state of Illinois.

May 7, 2024

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2023 Income Tax Returns for Condo Associations Due April 15th Lauren Schrader What We're Thinking About Lately... 27 February 2024 Share Save Condominiums associations are considered corporations in the eyes of the IRS. As such, they are required to file an annual tax return (either an 1120 or 1120-H). Condo associations showing taxable income on their federal returns are also required to file an IL-1120 with the state of Illinois.

May 7, 2024

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When to File — or Not File — an Insurance Claim Alexa Jackson What We're Thinking About Lately... 05 March 2024 Share Save In today's stringent insurance market, condo board members, along with property managers, must carefully evaluate their claim-filing processes. Insurance carriers are increasingly selective about the risks they insure, with claims being a pivotal factor in their decisions regarding coverage renewal or new policies. Boards should consider six key points before filing a claim: 1) The property's recent claim history significantly influences insurer perceptions; large "