Industry
Entity structure considerations for MSOs
Multi-state operators may need to weave a complex web when it comes to corporate structure. Operators entering new jurisdictions must consider many factors, the most significant being tax exposure, licensing restrictions, and potential exit scenarios as they determine which entity structures will best support their expansion and goals. The goal of structuring is to create […]
Should Your Nonprofit Accept Cryptocurrency Donations?
With a current total market cap of all cryptocurrencies now exceeding $2 trillion dollars, nonprofits who refuse to accept, or do not have adequate policies in place for accepting crypto donations may be missing out on a large and growing funding stream. While accepting crypto donations may seem like an unwanted headache for nonprofit organizations, […]
AAFCPAs’ Cannabis Practice Leaders Join NECANN-Boston Programming Schedule
AAFCPAs has been selected to present an educational workshop: Modeling Considerations When Entering a New Market at the New England Cannabis Convention, March 18-20th, 2022, at the Hynes Convention Center, Boston MA. The New England Cannabis Convention in Boston is considered the can’t-miss event of the year by cannabis operators across the region. This will […]
Cannabis Watch: Visa cracks down on cashless ATMs
AAFCPAs would like to make cannabis clients aware of an emerging issue with the use of cashless ATMs. Visa Inc. issued a memo in December 2021 to customers, and reported in Marijuana Moment, warning that “miscoding point-of-sale transactions through the use of so-called cashless ATMs—a practice used by some cannabis retailers as a workaround to […]
Cannabis Business Owners: New states, new markets: financial modeling for MSOs
Becoming a multi-state operator (MSO) in the cannabis industry requires planning and adapting to regional nuances unlike almost any other business. Financial modeling is a crucial step to understanding what lies ahead, and operators have myriad state-specific factors to consider when projecting their balance sheet. With cannabis still illegal at the federal level, companies cannot […]
Low Income Housing Tax Credit Program Extensions
AAFCPAs would like to make clients aware that on January 11, 2022 the IRS issued Notice 2022-05 which further extends the temporary relief from certain requirements for low-income housing tax credit (LIHTC) projects, originally extended earlier in 2020 & 2021 due to the COVID-19 pandemic. For your convenience we have outlined some of the key […]
Cannabis Business Owners: Multi-State Tax Considerations for Multi-State Operators
Cannabis legalization continues to gain momentum across the country, with several new states having legalized marijuana in 2021. As of this post, the number of states in which recreational marijuana is legal is 18, and 16 other states allow for medical use only. Cannabis business owners and investors are hopeful this momentum has set the […]
IRS Clarifies 4% Floor Ruling for LIHTC
AAFCPAs would like to make clients who engage in Affordable Housing projects aware of recent IRS Revenue Rulings 2021-20 and 2021-43, which aims to clarify the eligibility of Low-Income Housing Tax Credit (LIHTC) projects to qualify for the new 4% floor ruling. The IRS has published three situations listed below: Situation 1 A project is […]
Guidance on New Lease Accounting Standard
In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively […]