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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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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*Due dates are effective for calendar years 2017 and thereafter