Affordable Housing Updates

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.


Presentation of Debt Issuance Costs
January 3, 2017

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).


Affordable Housing Deadlines

Be aware of these important deadlines:
  • HUD REAC submission
    • Due 90 days after fiscal year end
  • IRS Form Due Dates*
    • Form 1065 for Partnerships – Due the 15th day of the third month after fiscal year end
    • Form 1120 for Corporations – Due the 15th day of the fourth month after fiscal year end
  • MA Form Due Dates*
    • Form 3 for Partnerships – Due the 15th day of the fourth month after fiscal year end
    • Form 355 for Corporations – Due the 15th day of the third month after fiscal year end

Please see our Nonprofit News tab for other key deadlines.

*Due dates are effective for years 2016 and thereafter