While a number of accounting firms have dived into serving the cannabis industry, far more are sitting on the sidelines — and whether they're waiting to see how the pioneers fare, or don't want to get involved because marijuana remains illegal at the federal level, they're missing out on a much bigger set of opportunities.
The industry certainly has tax issues (primarily from IRC Section 280E, which forbids most tax deductions and credits to businesses "trafficking" a Schedule 1 controlled substance like marijuana) and all the accounting complications that you would expect of an entirely new crop of startup businesses where no one can claim long-time experience.
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MSCPA hosts local high school students for career conferences | Accounting Today
The Massachusetts Society of CPAs recently hosted more than 150 local high school students as part of its "Is Accounting for Me?" conferences.
The conferences, held at Merrimack College on Nov. 22, 2019, and Bentley University on Dec. 6, 2019, presented students with interactive accounting workshops, discussions on accounting careers and college programs, as well as a networking lunch with current Merrimack and Bentley accounting students. Students were selected by their teachers to attend the conference based on their interest in accounting.
Receipt Bank raises $73M in Series C funding | Accounting Today
Receipt Bank has raised a total of $73 million in Series C funding, taking the form of equity and debt, which will be earmarked to extend the company's product suite and expand in Europe, Australia and North America.
The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce. Receipt Bank and its shareholders were advised by Harris Williams.
A British company, Receipt Bank's document management and bookkeeping solution is proving to be a successful and popular app in the United States, integrating with the major accounting software platforms such as QuickBooks, Xero, Sage products, Bill.com and more. According to the company, its customer base doubled in 2019, and now serves more than 360,000 customers.
Companies rank among top construction accounting firms in US | 2020-01-03 | Grand Rapids Business
A trio of firms with a West Michigan presence have been named among the best U.S. accounting practices that serve the construction industry.
Chicago-based Crowe LLP, Troy-based Rehmann and Grand Rapids-based Beene Garter were ranked at No. 3, No. 28 and No. 45 on the inaugural Top 50 Construction Accounting Firms ranking released last year by Construction Executive, the Washington, D.C.-based magazine of the Associated Builders and Contractors.
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Faculty Spotlight | Mona Stephens | SNHU
Following a long career as an auditor and accountant in local government, Mona Stephens found a rewarding career teaching accounting online. Recently we asked her to share her thoughts about teaching, the importance of education and more as part of SNHU's Faculty Spotlight series.
I have 25 years of professional accounting experience. I started my career as a county auditor, then became a payroll supervisor, treasury manager, and finally, the finance and accounting administrator for a regional government.
Practice Profile: Cultivating the next Bay Area boom | Accounting Today
Two years after Carol Spindler O'Hara moved from San Francisco to Sonoma County in 1998, she took a break from public accounting — nine years to be exact — to be with her young children.
O'Hara worked with many industries during her 18 years with what is now Big Four firm KPMG (seven of them as an audit partner), and she was now tasked with building out BPM's audit practice in California's North Bay. Focusing her energy on the wine industry was a logical move given O'Hara's location in Wine Country.
TYS merges with San Francisco accounting firm | Rochester Business Journal
MetLife to Pay SEC $10 Million Fine Over Pension Accounting Violations | Chief
MetLife has agreed to pay $10 million to settle SEC charges that it violated federal securities laws relating to its accounting for reserves associated with its annuity businesses.
According to a cease-and-desist order from the SEC, MetLife failed to keep accurate books and records and create and maintain an adequate system of internal accounting controls with respect to its accounting for reserves associated with certain annuity products.
Happening on Twitter
"Don't drive while high." "Don't consume cannabis if pregnant." Expect to see more marijuana-related billboards now… https://t.co/x0Jxq0DJLe chicagotribune (from Chicago, IL) Fri Jan 03 19:38:18 +0000 2020
Today we lift the burden on the first 11,017 of those people. Importantly, this is just the first wave of Illinoi… https://t.co/Y12KnBA9Vq GovPritzker Tue Dec 31 16:41:22 +0000 2019
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