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AUP vs. QofE Reports in Business Acquisitions
Could Agreed-Upon Procedures (AUPs) serve the purpose of a Quality of Earnings (QofE) report for certain business acquisitions? Buyers engaging in or evaluating potential transactions, mergers, or acquisitions (M&A) need to assess the true value of a business’s assets, liabilities, and intellectual property. Proper due diligence can be used to pinpoint synergies among entities, offer […]
TerrAscend Corp. Joins Other Operators Changing 280E Tax Position
AAFCPAs would like to make cannabis clients aware that TerrAscend Corp., in its fourth-quarter earnings call, announced it would no longer be making tax payments under Section 280E of the Internal Revenue Code. The company’s Chief Financial Officer noted its legal basis in doing so comes from a legal interpretation based on a similar position […]
CARM Set to Transform Canada Imports
This article has been updated. AAFCPAs would like to make clients aware of a significant new requirement related to Canada customs. The Canada Border Service Agency (CBSA) Assessment and Revenue Management (CARM) is a new initiative, which is expected to notably transform how importers interact with Canada Customs. Importers should be aware that CARM will […]
From The Desk of Jonathan Bloom – March 2024
Last quarter, we spent a lot of time talking about taxes, reviewing last year’s portfolio performance, and projecting income and expenses for the year ahead. Now, we’re focused on applying that insight to your financial plan and making sure there is alignment. I’m also working with many clients who need to set cash aside for […]
DEA Reconsiders Marijuana Restrictions Following Release of Scientific Review
AAFCPAs would like to make cannabis clients aware of a 250-page scientific review published online recently by Matthew Zorn, an attorney in Texas, after he sued Health and Human Services officials for its release. In this document, federal scientists conclude that marijuana should not be classified as a Schedule I drug. Researchers conclude that marijuana […]
Carla McCall Honored for Outstanding Contributions to Local Economy and Community
AAFCPAs’ Carla McCall, CPA, CGMA, Managing Partner will be inducted to the WBJ’s Hall of Fame, which honors the lifetime achievements of professionals who have made significant contributions to the Central Massachusetts economy and community. This speaks not only to Carla’s vision, advocacy, and influence but also serves as a testament to the company’s tradition […]
From The Desk of Andrew Hammond – March 2024
Different times throughout the year provide different opportunities to explore certain personal financial planning strategies. At the end of the year, it’s taxes and Required Minimum Distributions (RMDs). But many of our conversations this time of year are about benefits. As we think about personal financial planning and benefits, consider the Health Savings Account (HSA). […]
340B ESP New Data Request Raises Concerns About Overreach
340B Report (February 24, 2024) – The drugmaker vendor 340B ESP’s recent requests for additional claims data from some 340B hospitals has raised concerns from 340B providers that the vendor is going beyond the scope of what it is legally permissible to collect. An email obtained by 340B Report from 340B ESP to a 340B […]
From The Desk of Kevin Hodson – March 2024
As we get the ball rolling in 2024, I’ve been working with clients on IRA contributions and tax filings. I’m also preparing to present at AAFCPAs’ Nonprofit Seminar in April. (We sent you an invite recently.) This event is a complimentary day of education we provide annually geared toward our nonprofit clients, primarily heads of […]