NEWS

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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COVID-19 Impact and Updates
April 15, 2021

The COVID-19 outbreak in the United States has continued to cause business disruptions across the industry. In response, the IRS has extended certain filing and payment due dates. The federal income tax filing and payment due date has been automatically extended from April 15, 2021, to May 17, 2021. The Massachusetts Department of Revenue has also extended the filing deadline, accordingly. Estimated payments for 2021 taxes are still required to be made in accordance with the current due dates.

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Affordable Housing Deadlines

Be aware of these important deadlines:
  • HUD REAC submission
    • Due 90 days after fiscal year end
      • HUD granted an automatic extension to June 30, 2021 for submissions due between October 1, 2020 and June 30, 2021
  • 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.

*Due dates are effective for calendar years 2017 and thereafter