Industry
Should Cannabis Operators Prepare for Federalization in 2023? Not so fast…
The Administration took bold steps last year that signaled an openness to federalizing cannabis. Plenty of speculation has followed, and it seems clear that the federal market could open soon. My perspective is that 2023 is not the year, and probably not 2024 either. Federal legalization is on the horizon, though, and operators should build […]
2022 HSN Supplemental Payments
AAFCPAs would like to make FQHC clients aware, as part of the Massachusetts Economic Growth and Relief Act of 2022, $20,000,000 was allocated to the Health Safety Net (HSN) Trust Fund for community health centers or hospital-licensed health centers (health centers) participating in the MassHealth program. Payments were to be made to the health centers […]
McManus Weighs in on Cannabis in 2023
Cannabis Regulator (January 23rd, 2023) – Interview: What Does 2023 Hold for Cannabis Companies? The legal cannabis industry remains fluid and growing as we head into a new year. Two more states approved recreational laws on Election Day 2022, expanding the map where marijuana is legal…
Guidance: CECL Standard for CDFIs
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) will be effective for nonpublic business entities and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL will be effective for the calendar year 2023 reporting period and fiscal year 2024 for off-year […]
Affordable Housing Sponsors Approaching LIHTC Property Transitions
The Low-Income Housing Tax Credit (LIHTC) program, enacted in 1987, has been paramount for financing the construction and rehabilitation of properties in low-income communities. The credits are claimed by the investor over a period of 10 years, with a 15-year Federal compliance period. Additionally, there is an overall 30-year restricted use-period with the state housing […]
AAFCPAs Invests in Solution to Streamline Indirect Tax Compliance
Boston (December 9, 2022) – AAFCPAs, a leading CPA and Consulting firm based in New England, today announced its recent strategic partnership with Synexus Tax Solutions, to help clients simplify and streamline state tax compliance. AAFCPAs now combines our years of tax expertise with new state-of-the art technology to deliver multistate indirect tax compliance so […]
Client Success Story: Robotic Process Automation
How MGCC Distributed ~$700 million to 15,000+ Small Businesses in ~4 Months Massachusetts Growth Capital Corporation (MGCC) was charged with standing up a new program to quickly deliver an unprecedented amount of relief to small businesses across Massachusetts impacted by the pandemic. Background Since 2020, MGCC has proudly been the administrator for multiple pandemic relief […]
Year-end planning: focus on budgets and tax for cannabis operators
As we approach the close of a turbulent year, cannabis operators have an opportunity to establish a strong finance and tax strategy heading into 2023. You can enter the year from a position of strength by focusing on tax planning, tax compliance, and budgeting to ensure healthy cash flow. Year End Tax planning Tax planning […]
Data-Driven Insights for Construction Executives
AAFCPAs invites construction executives to attend a 1-hour webinar on December 7th at 1pm to learn how to leverage data-driven insights to find efficiencies and protect their profits. Dr. John Killingsworth from Colorado State University joins Kevin Bright from ProNovos for a discussion on leveraging construction analytics to create a financial dashboard. The discussion will […]