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Cannabis Businesses Required to File IRS Form 8300 After Cash Transactions

AAFCPAs would like to remind cannabis business clients of their potential Form 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business reporting obligation. This filing is required for any business who receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions. The Form 8300 provides information to the IRS and the Financial Crimes Enforcement Network (FinCEN)... 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.

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

What Does Rising Talent Look For in a CPA Firm?

What Does Rising Talent Look For in a CPA Firm?

Public accounting has changed a great deal in order to keep pace with the way client needs have changed, requiring specifically talented professionals to evaluate these needs from multiple angles. This may be one reason that rising stars in the CPA world need a different type of environment to learn and thrive. At our firm, we have taken an aggressive route to test programs, encourage feedback and ensure that skilled... continue reading

Webinar: 2018 Year-End Tax Planning for Privately-Held Companies (Part 1)

Webinar: 2018 Year-End Tax Planning for Privately-Held Companies (Part 1)

Information continues to emerge as a result of the monumental Tax Cuts & Jobs Act.  For privately-held companies, the TCJA impacts your financial statements, operating model, liquidity, investments and capital, and people. For individuals, the TCJA impacts personal withholdings, charitable giving, family & education, retirement, and estate planning. AAFCPAs is pleased to offer a timely, 3-Part Webinar Series featuring some of the most significant TCJA changes and their potential impact... continue reading

3 Steps to Staying Sharp Through Our Busy Seasons

3 Steps to Staying Sharp Through Our Busy Seasons

AccountingWeb | Whether you are part of a large, multi-service CPA firm or a solo practitioner, you likely feel the pressure during deadline seasons as they test our process efficiencies, team cohesiveness and talent.  AAFCPAs Co-Managing Partner Dave McManus provides 3 steps to staying sharp through busy seasons.

AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act

On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes before December 31, 2017. Prepayment of some property taxes may be advisable for taxpayers not... continue reading

Medicinal and Recreational Cannabis Business Roundtable: What You Need to Know

Medicinal and Recreational Cannabis Business Roundtable: What You Need to Know

David McManus, CPA, CGMA, AAFCPAs’ Co-Managing Partner, and Mike Ross, Co-Chair of Prince Lobel’s Cannabis team will lead an interactive roundtable discussion, scheduled for September 28th, on the interpretation and implementation of Massachusetts’ new marijuana statute. Participants include experts in tax, nonprofits, licensing, raising equity, municipal permits and zoning.  Massachusetts regulators and law makers have also been invited. When September 28, 2017 5:30pm – 7:30pm Where Prince Lobel Tye LLP... continue reading