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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 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 […]

Proposed Bill Eliminating the Effects of 280E at the State Level

On June 11, 2019 the Massachusetts Joint Committee on Revenue heard House Bill 2510, An Act rescinding the effect of IRC 280E on businesses legally selling marijuana.  While this bill has not been placed into effect yet, the hearing is a step forward towards state wide repeal of IRC 280E. What Does House Bill 2510 […]

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. […]

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.