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Tax Relief and Incentives for Affected Cannabis Businesses

The quickly spreading coronavirus, and the subsequent response from states to close all “non-essential” businesses, is causing much confusion for the Cannabis industry. The decision about whether cannabis operators can keep doing business has occurred state by state, and in some cases, city by city. The majority of US states that have closed non-essential businesses […]

Employment Tax Liability Not Shifted to Professional Employer Organizations

AAFCPAs would like to remind cannabis clients using or considering use of a Professional Employer Organization (PEO) that the employment tax liability is most often not shifted from your company, its management and owners, to the PEO. This is a common misconception, so much so, that the Internal Revenue Service issued regulations to help address […]

Tax Savings for Cannabis Businesses with Cost Segregation Study

Tax Savings for Cannabis Businesses with Cost Segregation Study

AAFCPAs would like to remind cannabis clients that placed in service in 2019 (or will soon be placing in service) capital expenditures (CAPEX), often in excess $10 million, to have a cost segregation study performed to provide tax savings and additional benefits, including reduced property taxes, improved property management, and improved ability to identify investments […]

Form 1099-DIV Compliance Reminder & How to Determine Taxable Dividends

Form 1099-DIV Compliance Reminder & How to Determine Taxable Dividends

As the cannabis industry matures in Massachusetts, and investors begin to reap what they sowed, AAFCPAs reminds clients classified as Subchapter C corporations who paid distributions to shareholders in 2019 of their potential Form 1099-DIV compliance filing due to the Internal Revenue Service (IRS) by February 28, 2020 (or March 31, 2020 if e-filing). In […]

Form 8300 Jan 31 Compliance Reminder, Steps to Take when Missing a TIN

AAFCPAs would like to remind cannabis business clients of their potential January 31, 2020 Form 8300 reporting obligation. If you filed a Form 8300 in 2019, you must furnish a written statement to each person whose name was required to be included in the Form 8300 by January 31 (i.e. the year following the transaction). […]

AAFCPAs’ Cannabis Practice Director to Speak at WBJ 2020 Cannabis Forum

AAFCPAs’ Cannabis Practice Director to Speak at WBJ 2020 Cannabis Forum

AAFCPAs’ Cannabis Practice Director Kevin Michaelan, CPA, MST will serve on a Cannabis Accounting and Banking panel on Wednesday, January 15th, 2020 hosted by the Worcester Business Journal. In this panel breakout session, Kevin will shed light on recent developments relating to access to banking, including the SAFE Banking Act and current available options in MA. […]

Do’s and Dont’s for Cannabis CPAs

Do’s and Dont’s for Cannabis CPAs

CPATrendlines.com | Kevin Michaelan, CPA, MST, director of AAFCPAs’ cannabis practice, offers CPA Trendlines insights into some of the technicalities of accounting for cannabis businesses. (subscriber content)

Planning for 2020: which catalysts will shape opportunities?

Planning for 2020: which catalysts will shape opportunities?

Cannabis executives can reflect back on 2019 as a year of swift change — and they can expect more of the same in 2020. Regulatory shifts are anticipated, and financing will be in flux across the industry. When planning for the near term, the more data executives can gather, the better. Executives and investors eyeing […]

AAFCPAs Expands Cannabis Practice with the Addition of Kevin Michaelan, MST, CPA

AAFCPAs Expands Cannabis Practice with the Addition of Kevin Michaelan, MST, CPA

Boston, MA (October 8, 2019) – AAFCPAs, a best-in-class CPA and consulting firm known for assurance, tax, accounting, wealth management, valuation, business process, and IT advisory solutions, today announced the addition of Kevin Michaelan, MST, CPA as Director, Cannabis Practice. Kevin is an experienced tax professional with a national presence in the cannabis market. He […]

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 […]