IRS Releases Revised Form 8609 with Income Average Election

On May 31, 2018, the IRS released a revised Form 8609 adding a third minimum set-aside election – “Average Income”. The release did not include revised or updated Instructions for completion of the form. Owners intending to select the Average Income minimum set-aside for properties for which 8609s have not already been submitted to the IRS should use the updated 8609.