Affordable Housing Updates

COVID-19 Impact and Updates
March 24, 2020

The COVID-19 outbreak in the United States has caused 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 is automatically extended from April 15, 2020, to July 15, 2020. The Massachusetts Department of Revenue has indicated they are likely to provide some type of payment relief similar to the IRS guidance that was issued, however no final determination has been made. We are monitoring this situation and will provide updates as necessary.

The U.S. Department of Housing and Urban Development (HUD) extended the HUD REAC submission and MassHousing extended its electronic submission of their Financial Audit Compliance Tracking System (Web-FACTS) for December 31st year ends from March 31st to April 30th.

Furthermore, the Office of Management and Budget (OMB) is allowing organizations to delay the completion and submission of the Single Audit reporting package to 6 months beyond the normal due date. The extension does not require individual recipients and subrecipients to seek approval, however, organizations should maintain documentation for the reason of the delayed filing. Organizations taking advantage of this extension would still qualify as a “low-risk auditee”.


Massachusetts Late-File Penalty Relief for Corporations
March 3, 2017

The Massachusetts Department of Revenue announced relief for corporate taxpayers affected by the change in the Federal tax return due dates. The Department of Revenue anticipates waiving any late filing penalties for corporate tax returns filed on or before the Federal due date (April 18, 2017 for calendar year 2016 returns). For more important due dates, please click here.


Affordable Housing Deadlines

Be aware of these important deadlines:
  • COVID-19 Extension Summary:
    • HUD REAC  – due date extended to June 30th 2020 for calendar-year entities
    • IRS Form 1120 – due date extended to July 15th 2020 for calendar-year entities
    • MassHousing Electronic Web-FACTS – due date extended to April 30th 2020 for calendar-year entities
  • 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.

*Due dates are effective for calendar years 2017 and thereafter