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”.
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.
Please see our Nonprofit News tab for other key deadlines.
*Due dates are effective for calendar years 2017 and thereafter