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.
In April of 2015, FASB issued Accounting Standards Update No. 2015-03 Simplifying the Presentation of Debt Issuance Costs. The update requires the presentation of debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (i.e., a contra liability).
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*Due dates are effective for years 2016 and thereafter