This video helps you understand Revenue Ruling 70-604, and alerts you to the tax risks of noncompliance. This three paragraph Revenue Ruling seems deceptively simple. And it is; deceptive that is. Any association considering filing Form 1120 MUST consider making an election under revenue Ruling 70-604.
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Here are some notes from Trevor Harris:I have recently returned from Victoria and the Saanich Peninsula where we have just completed 5 special services with the people of the Tsawout Assembly of Praise Church and Victoria Full Gospel Fellowship. Our first two evening services were on the Tsawout Indian Reserve with Pastor Hugh & Tabita Marks. What a great time we had in worship, in the word of God, and at the altars. Many people received prayer each night.
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