Nicholas Foresti
Businesses See Relief as 1099 Thresholds Increase; Prepare Now for Year-End Deadlines
Signed into law on July 4, 2025, the One Big Beautiful Bill Act brings welcome changes for businesses, contractors, and online sellers by raising reporting thresholds for Forms 1099-MISC, 1099-NEC, and 1099-K. Starting in 2026, thresholds for 1099-MISC and 1099-NEC will rise from $600 to $2,000, and 1099-K will return to $20,000 and 200 transactions […]
Inventory Costing: One of Cannabis’s Most Misunderstood and Financially Critical Business Processes
Cannabis Business Times (August 06, 2025)- Inventory costing remains one of the most misunderstood and financially consequential areas in the cannabis industry. For cultivators, the process begins in the soil. Costs start accumulating long before harvest, yet many fail to track expenses like nutrients, labor, and overhead as plants move through the stages of clone, […]
IRS Delays $600 Threshold Changes for Form 1099-K Reporting
The IRS recently announced a delay in the implementation of the $600 threshold for Form 1099-K reporting. This rule, which would have required third-party settlement organizations (TPSOs) to report aggregate payments greater than $600, was initially set to go into effect in 2024. However, the IRS has pushed back this requirement to give businesses more […]
1099 Reporting: Key Deadlines and Requirements for 2024
In this article: 1099 Reporting Requirements AAFCPAs reminds clients that payments exceeding $600 made to non-employees, including contractors and other service providers, must be reported to the IRS using Forms 1099. If your business hired consultants in 2024, paid dividends, or managed a complex debt structure involving independent contractors, you may face penalties if 1099 […]
What To Know About Upcoming 1099 Deadlines
AAFCPAs would like to make clients aware that payments to non-employees, such as contractors and other service providers, in excess of $600 during the calendar year must be reported to The Internal Revenue Service on Forms 1099. If your organization hired consultants in 2023, paid dividends, or orchestrated an intricate debt structure involving a myriad […]
AAFCPAs Presents Financial and Operational Insight at Boston Cannabis Week
AAFCPAs is proud to partner with Boston Cannabis Week (BCW), September 16th – 22nd, a forum designed to help business owners, entrepreneurs, investors and curators in the cannabis industry. AAFCPAs’ Consulting Controller Nicholas M. Foresti, MBA has been asked to speak and share his expertise on an entrepreneurial resources panel that takes place Wednesday, September […]