Industry
MA Cannabis Reform Bill Signed by Governor
On August 11, 2022, Governor Charlie Baker signed into law the largest cannabis reform bill Massachusetts has seen since 2017: An Act Relative to Equity in the Cannabis Industry. The bill focused on welcomed provisions for operators: MA Decouples from Federal 280E, Offering Significant Tax Savings Social Equity Trust Fund Established, for the benefit of […]
AAFCPAs Celebrates 2022 National Health Center Week
Next week, August 7-13, 2022, is National Health Center Week, and AAFCPAs invites you to join us again this year in celebrating the great work and significant impact of these organizations who serve as the chemistry for strong communities! #NHCW2022 and #ValueCHCs Friday, 8/12 – Health Center Staff Appreciation Day The incredible value Community Health […]
AAFCPAs Provides Inventory Costing and 471 Guidance at AICPA & CIMA Cannabis Conference
AAFCPAs’ Cannabis Practice Leader David McManus, CPA, CGMA will present Inventory Costing and 471 Guidance to cannabis industry experts, CPAs, Attorneys, Tax Advisors, and peers experienced and inexperienced with the sector at the Association of International Certified Professional Accountants (AICPA) & Chartered Institute of Management Accountants (CIMA) Cannabis Industry Conference on August 8th in Denver, CO and Live […]
ECF Funds May be Subject to Uniform Guidance Audit
AAFCPAs would like to make Charter School clients aware that funds received under the ECF (Emergency Connectivity Fund) Program are federal funds and must be included in the calculation for determining your need for a Uniform Guidance audit. In May 2021, the ECF program was established by the FCC (Federal Communications Commission) to distribute ARPA […]
Easing the burden of cannabis state tax compliance
Keeping pace with state sales and excise tax requirements can be a significant burden for cannabis operators. The indirect nature of the tax – that it is collected at point of sale as part of a transaction and then must be remitted to the state(s) on their specific timeline – makes it an area of […]
MA UFR Extensions Must Be Submitted On the OSD website
AAFCPAs would like to make Human & Social Services clients aware that effective June 30, 2022, the Massachusetts Operational Services Division (OSD) will no longer accept extension requests for the submission of the UFR, MAB allocation requests and waiver requests through the UFR eFiling system. All requests must be submitted using OSD’s web-based system which […]
GASB Subscription Accounting Standard
Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription Based Information Technology Arrangements, applies to entities following government accounting rules, including AAFCPAs’ clients in the Charter School industry, as well as other quasi-governmental organizations. This guidance applies to subscription-based technology arrangements (SBITAs), defined as a contract that conveys control of the right to use another party’s […]
GASB Lease Accounting Standard
As a reminder, Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, applies to entities following government accounting rules, including AAFCPAs’ clients in the Charter School industry, as well as other quasi-governmental organizations. This guidance applies to most leases with a term of over 12 months. These leases will now be recognized on the statement […]
AAFCPAs Speaking at Illinois Cannabis Convention
AAFCPAs’ Cannabis Practice has been selected to present an educational workshop: Modeling Considerations When Entering a New Market at the Illinois Cannabis Convention, June 10th-11th, 2022, at the McCormick Place Lakeside Center, Chicago, IL. MODELING CONSIDERATIONS WHEN ENTERING A NEW MARKET Entering a new Cannabis market requires planning and adapting to regional nuances unlike almost […]