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Low Income Housing Tax Credit Program Extensions

AAFCPAs would like to make clients aware that on January 11, 2022 the IRS issued Notice 2022-05 which further extends the temporary relief from certain requirements for low-income housing tax credit (LIHTC) projects, originally extended earlier in 2020 & 2021 due to the COVID-19 pandemic. For your convenience we have outlined some of the key […]

IRS Clarifies 4% Floor Ruling for LIHTC

AAFCPAs would like to make clients who engage in Affordable Housing projects aware of recent IRS Revenue Rulings 2021-20 and 2021-43, which aims to clarify the eligibility of Low-Income Housing Tax Credit (LIHTC) projects to qualify for the new 4% floor ruling.  The IRS has published three situations listed below: Situation 1 A project is […]

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively […]

OSD Clarifies UFR Reporting of COVID-Related Funds

AAFCPAs recently received clarification for UFR filers related to reporting of certain COVID-related funding. (As a reminder, due to COVID-19, the Operational Service Division (OSD) granted a 30-day extension to the Uniform Financial Report (UFR) FY2021 filing deadline, now due December 15th. UFR filers are not required to file a request for this extension.) AAFCPAs […]

MA Nonprofit Annual Report Due by Nov 1

AAFCPAs reminds clients that every nonprofit corporation organized under the laws of the Commonwealth of Massachusetts must file a nonprofit Annual Report with the Corporations Division on or before November 1st of each year. Failure to file can lead to a loss of “good standing” as a corporation in Massachusetts. Learn more here: https://www.sec.state.ma.us/cor/corpweb/cornp/npfrm.htm

IRS Guidance Issued on Change in Useful Life for 2020 Tax Returns

AAFCPAs would like to make clients aware that the IRS recently released long awaited guidance detailing how a taxpayer must change the method of computing depreciation to provide a 30-year recovery period under the alternative depreciation system (ADS) for some properties controlled by a business that started renting before 2018. Rev. Proc. 2021-28 explains how […]

Year-End Bill Impacts Community & Economic Development Industry

AAFCPAs would like to make clients aware that the Consolidated Appropriations Act, 2021 (The Act), signed by the President on December 27th, contains several provisions impacting the Community & Economic Development Industry. We have outlined the key provisions below, for your convenience. Low-Income Housing Tax Credit 4% Permanent The Act makes permanent the floor rate […]

IRS Proposes LIHTC Average Income Test Regulations

On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]

Chapter 257 Salary Report Due by January 15, 2021

Updated 10.21.20: The Executive Office of Health and Human Services (EOHHS) has extended the deadline for the Chapter 257 Salary Report for FY 2019 – FY 2021. Please note that the Salary Report submission date is now January 15, 2021 to coincide with the submission of the FY2020 UFRs. This report is required by Chapter […]

HUD Announces COVID-19 Supplemental Payments for Properties

AAFCPAs would like to make clients aware that the U.S. Department of Housing and Urban Development (HUD) recently announced (in Notice H 20-8) the availability of funds for COVID-19 Supplemental Payments (CSPs) for properties receiving project-based rental assistance under the Section 8, Section 202, or Section 811 Programs. Who is eligible? Property owners who currently […]