IRS Revenue Ruling 70-604: HOA Tax Savings Guide
This guide provides a practical, step-by-step approach to understanding and utilizing IRS Revenue Ruling 70-604 to potentially reduce your Homeowners Association's (HOA) tax liability. We'll address common ambiguities and offer risk mitigation strategies to ensure compliance. Understanding Revenue Ruling 70-604: A Simplified Explanation IRS Revenue Ruling 70-604 offers HOAs (filing Form 1120) a way to potentially lower their tax bill by deferring or refunding excess income. This isn't a guaranteed tax break; it requires careful planning....