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AICPA Urges FASB to Delay Effective Date of Lease Standard

AICPA Urges FASB to Delay Effective Date of Lease Standard

ASU 2016-02, Leases (Topic 842) took effect for public companies at the beginning of this year and is scheduled to be effective for private companies one year later, at the beginning of 2020. This standard is significant in its impact to virtually all entities that enter into leases of more than twelve months in duration. The study and preparation for successful implementation by the effective date of January 1, 2020 is an... continue reading

AICPA Issues SAS No. 134 to Enhance Communicative Value of Auditors’ Reports

AAFCPAs would like to make our privately-held commercial clients and nonprofits aware that on May 08, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 134, designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing and Assurance Standards Board (IAASB) and the Public Company Accounting Oversight Board (PCAOB). The SAS... continue reading

Cannabis firms must overcome financial hurdles

Cannabis firms must overcome financial hurdles

With cannabis businesses steadily entering the mainstream, it can be easy to lose sight of how difficult it is to launch and operate an organization in a quickly evolving industry. The regulatory scrutiny and tug of war between state and federal legislation creates a delicate environment.

AAFCPAs Wealth Management Reflects on the Q1 2019 Market Turnaround, and Provides Guidance on Achieving an All-Weather Portfolio

In January, we wrote to you about 2018’s fourth quarter meltdown, and three months later the markets reversed course and shot higher. Two of the main issues that plagued the market in Q4 2018, tariffs and the Fed, have moved to the back burner. First, although there are mixed messages coming out of Washington and Beijing, there does seem to be some momentum towards resolution of the trade impasse. The... continue reading

AAFCPAs’ 2019 Medicaid Cost Report Training

AAFCPAs’ 2019 Medicaid Cost Report Training

AAFCPAs’ Matt Hutt, CPA, CGMA and Courtney McFarland, CPA, MSA, in collaboration with the Massachusetts League of Community Health Centers (The League), will again present coveted guidance on the Medicaid Cost Report for Massachusetts community health centers.

OSD Provides Guidance for MA UFR Filers on Reimbursement of Nonprofit Transportation Tax

AAFCPAs would like to make clients who file a Massachusetts UFR aware that we sought and received guidance from the Massachusetts Operational Services Division (OSD) regarding how unrelated business income tax (UBIT) associated with the provision of transportation benefits to employees would need to be treated for UFR reporting purposes. In response, OSD clarified that the taxes generated on the “income” (as required by the Tax Cuts and Jobs Act)... continue reading

Tax Consulting Attorney Josh England Appears on Radio Entrepreneurs’ Cannabis Broadcast

AAFCPAs Tax Consulting Attorney Josh England was invited to appear on the May 5th episode of Radio Entrepreneurs’ Cannabis show “In the Weeds” alongside host Jeffrey Davis and Attorney Walter Sullivan. Radio Entrepreneurs is a business talk show that brings to light the inspiring and astounding stories behind successful entrepreneurs. In this broadcast, Josh shares strategies for navigating some of the unique challenges cannabis businesses face, including: tax planning and preparation; options for... continue reading

AAFCPAs to Present FEI-Boston’s 2019 Ethics Symposium

AAFCPAs’ Jeffrey Mead, CPA, CGMA and Olga Yasinnik, MBA, CPA will present a 4-hour ethics CPE course on Building Ethical Management & Culture at FEI-Boston’s June 20th Ethics Symposium. This course is based on the AICPA Code of Professional Conduct and will cover the conceptual framework, as well as the rules and interpretations applicable to CPAs. Jeff and Olga will provide a detailed overview of the ethics standards that apply... continue reading

The SAFE Banking Act of 2019 Scores Victorious Step for Cannabis Businesses

On March 28, 2019, the House Financial Services Committee voted 45-15 to advance the Secure and Fair Enforcement Banking Act of 2019 (“SAFE Banking Act”) to the House of Representatives. While there is still a long road ahead, this is the most promising step forward for cannabis businesses who would like to move away from cash-only transactions and towards mainstream banking. What Does the SAFE Banking Act Provide? Currently, in Massachusetts, only... continue reading