David McManus
Cannabis Watch: Visa cracks down on cashless ATMs
AAFCPAs would like to make cannabis clients aware of an emerging issue with the use of cashless ATMs. Visa Inc. issued a memo in December 2021 to customers, and reported in Marijuana Moment, warning that “miscoding point-of-sale transactions through the use of so-called cashless ATMs—a practice used by some cannabis retailers as a workaround to […]
Cannabis Business Owners: New states, new markets: financial modeling for MSOs
Cannabis Business Executive (2.9.2022) – Becoming a multi-state operator (MSO) in the cannabis industry requires planning and adapting to regional nuances unlike almost any other business. Financial modeling is a crucial step to understanding…
Cannabis Business Owners: Multi-State Tax Considerations for Multi-State Operators
Cannabis Business Executive (Jan 2022) – Cannabis legalization continues to gain momentum across the country, with several new states having legalized marijuana in 2021. Cannabis business owners and investors capitalize on this momentum for federal legalization soon:
Cannabis Business Owners: Are you ready for an exit?
Cannabis Business Executive (Nov 2021) – Consolidation is a defining aspect of the cannabis industry in its current stage. Mergers and acquisitions are mounting at a breakneck pace. Those who want to capitalize on the sector’s appetite for acquisitions need to evaluate three key considerations if they are poised for an exit:
AAFCPAs Provides 280E Guidance at AICPA & CIMA Cannabis Conference
AAFCPAs’ Cannabis Practice Leaders David McManus, CPA, CGMA and Joshua England, LLM, Esq. will present Navigating the Challenges and Hurdles of 280E to cannabis industry experts, CPAs, Attorneys, Tax advisors, and peers experienced and inexperienced with the sector at the American Institute of CPAs (AICPA) & Chartered Institute of Management Accountants (CIMA) Cannabis Industry Conference […]
Cannabis M&A: are you ready for an exit?
The cannabis market is young, fragmented, and growing fast. While the U.S. continues to hedge on federal guidelines and states slowly adopt standards for legalization, the mergers & acquisitions marketplace is incredibly active. Owners and investors with an eye on an exit should ensure they have the right infrastructure in place to present themselves as […]
Tax Planning Guides for Businesses & Individuals (2021-2022)
When considering your optimal tax planning & compliance strategy, business & individual tax payers must account for all current and impending tax code changes. This includes the 2017 Tax Cuts and Jobs Act, the 2019 Further Consolidated Appropriations Act, the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent stimulus initiatives, as […]
Marijuana Retail Tax Compliance
In today’s constantly evolving cannabis industry, cannabusinesses face numerous challenges that can impact their short- and long-term success. These include various state licensing regulations, the high-stakes tax burden created by IRC Section 280E, and the constant need to maintain a competitive edge. One of the most onerous challenges for operators is the need to stay […]
“Small” Is Bigger Than Ever
Is Your Business Eligible for Expanded Tax Benefits? Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 […]