Cannabis
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
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
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 […]
AAFCPAs’ Cannabis Practice Director to Speak at WBJ 2020 Cannabis Forum
AAFCPAs’ Cannabis Practice Director 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. This event is […]
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
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.