It is now March 13th. Yep, Friday the 13th. We hope everyone is staying safe and sane. It looks like “March Madness” may now be remembered just a little differently. While our hopes are for the safety of all of you out there, what you really want to know is “Will REAC grant a blanket extension this year?”
We have received over one hundred calls and emails in the last 24 hours alone. Unfortunately, it has been impossible for us to answer all of the phone calls and emails regarding this issue. REAC has just now approved a 30-day extension of the filing requirement. The revised due date is 4/30/2020. This announcement will be posted on the FASSUB announcements page within the REAC system.
Global 30-day Extension for All Submissions with a Due Date of 3/31/20
Due to business disruptions caused by the COVID-19 virus, the Office of Housing has issued approval for a 30-day extension of all financial statements having a due date of 3/31/20. This will include the owner-certified greater than $750K submissions with a 3/31/20 due date, and the 6/30/19 OMB audited submissions that are due on 3/31/20. It will also include both unaudited and audited submissions for for-profit entities due on 3/31/20. The revised due date is 4/30/20.
We are awaiting updates from FHA and RD.
We want to assure you that we are aware of the challenges you are facing. Best of luck and be safe out there.
Les, Kathy, and the AHACPA Team