You ask about employees. None currently working for OPA. This issue came before the board years ago, maybe around 2004 or earlier. The board asked their attorney and their CPA firm, both of whom said there was no tax liability.

The issue originally came up in an IRS audit. Some say the audit resulted due to a call to IRS from a former board member with regard to taxes on the parking.

What contingency plan would you have made? There is only one source of money - association members.

I do not believe OPA acted inappropriately by challenging the IRS on the issue. IRS has waived any penalties, but not the interest. So, we have had the use of the money all these years and will pay the interest for that use. However, the actual taxes to catch up would have been paid had the issue been clear from the beginning, and that money would have come from association members.

I strongly suspect OPA will simply pay the taxes due out of our reserve funds.