Affordable Housing Updates
New-and-improved accounting rules for common control leases
June 12, 2023
On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental agreements between businesses that have the same owner.
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Affordable Housing Deadlines
Be aware of these important deadlines:
- HUD REAC submission
- Due 90 days after fiscal year end
- IRS and MA Due Dates*
- IRS Form 1065 and MA Form 3 for Partnerships – Due the 15th day of the third month after fiscal year end (March 15th for calendar year filers)
- IRS Form 1120 and MA Form 355 for Corporations –
- Due the 15th day of the fourth month after fiscal year end (April 15th for calendar year filers)
Please see our Nonprofit News tab for other key deadlines.