This issue exposes how weak IRS oversight and board pressure have enabled a culture of CPA-led tax fraud in Illinois HOAs—leaving future homeowners to foot the bill. With fewer than 70 IRS audits of associations in 30 years and a documented 100% fail rate for those audited, boards and CPAs often exploit loopholes, underreport income, and manipulate reserve studies to avoid taxes and keep assessments deceptively low. Real case evidence from 175 East Delaware Place HOA reveals nearly $2 million wrongly understated as taxable income and over $500,000 in unpaid taxes, with improper deductions and unshared filings sanctioned by both boards and professionals. Find out how these practices create mounting liabilities, assessment shocks, and ethics violations, why honest boards and CPAs matter, and what you can do to demand transparent, compliant financial stewardship in your association.