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  • Revenue Ruling 70-604: The Definitive Guide to Its Application
    We continually have HOA boards and management companies inquire about Revenue Ruling 70-604 (“70-604”) In this post we will provide a comprehensive examination of the ruling and look at it’s application
  • Revenue Ruling 70-604, The Complete Guide - IRS Revenue . . .
    Since 1970, when this revenue ruling went into effect, associations have been plagued with the question of exactly how does an association properly make an election under the provisions of Revenue Ruling 70-604 The ruling provides general guidance only, with no specific requirements
  • Revenue Ruling 70-604 Election - Schwindt Co
    The Revenue Ruling 70-604 election is a tax election that documents the intention of the Association to consider utilizing the provisions of Revenue Ruling 70-604 when filing Form 1120 This election, if used when filing Form 1120, may reduce potential risks of filing Form 1120
  • Microsoft Word - GENIN-158480-04. doc - Internal Revenue Service
    Revenue Ruling 70-604 provides guidance regarding the application of excess assessments to future assessments The Revenue Ruling provides that this treatment must be elected at a meeting of the shareholder-owners
  • IRS - Revenue Ruling 70-604 - McQuoid CPA LLC
    The failure to properly elect adopt Revenue Ruling 70-604 results in poor tax-planning and a greater likelihood of taxes due to both the IRS and the Florida Department of Revenue in a given tax year
  • HOA IRS Revenue Ruling 70-604: What It Means When Homeowners . . .
    Let’s unpack what IRS Revenue Ruling 70-604 really means, what happens if you vote for or against it, and why this decision matters more than most people think
  • How Do You Explain Revenue Ruling 70-604 To Your Members?
    The ruling states that the members of the Association meet to make the election The ruling applies to any excess member income The ruling allows two options only; (1) refund the excess member income to the members or (2) apply the excess to the following year’s assessments
  • IRS Revenue Ruling 70-604 – Information and Best Practices
    What is the 70-604 election, and how is it made? The Revenue Ruling 70-604 election is a tax election that documents the intention of the Association to consider utilizing the provisions of Revenue Ruling 70-604 when filing Form 1120
  • Revenue Ruling 70-604: The Latest Word - Gary Porter, CPA
    If an association makes a Revenue Ruling 70-604 election, it must strictly comply with the requirements of the Ruling These requirements relate to the who, when, how, and where to make the election
  • Rev. Rul. 70-604 | Tax Notes
    A condominium management corporation assesses its stockholder-owners for the purposes of managing, operating, maintaining, and replacing the common elements of the condominium property This is the sole activity of the corporation and its by-laws do not authorize it to engage in any other activity





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