David McManus, CPA, CGMA

Tax Partner & National Cannabis Practice Leader

Dave leads AAFCPAs’ national Cannabis Business Practice, and has been deeply immersed in understanding the complex financial and operational nuances of the industry since 2012. His subject matter expertise was sought by the U.S. Treasury and Senate Finance Committee for guidance on critical considerations regarding the 280E transition following DEA rescheduling news. As a key advisor through the AICPA, Dave and his cannabis team provides insights to shape regulatory guidance on this issue.

He provides highly coveted tax, entity structure, and business advisory solutions to multi-state operators, recreational and medical retailers, cultivators, product manufacturers, and investors. He proactively advises clients on risks, opportunities, and tax implications related to market entry, accounting methods, capital structure, debt financing, R&D, M&A, and goodwill impairment. He has led industry training sessions on interpreting and implementing new federal and state marijuana statutes, including compliance with 280E. Dave maintains a strong network of cannabis industry investors, attorneys, bankers, employee compensation and benefits providers, realtors, risk managers, and insurance agents, and he leverages these resources as appropriate to help clients achieve success.

Dave also provides U.S. Market Entry Point Consulting, advising international commercial corporations and nonprofits seeking to enter U.S. markets via Boston, MA. Dave’s guidance allows these multinational organizations to optimize their global growth and expansion plans, minimize regulatory and tax risks, and increase their competitive advantage in the U.S. He provides tax efficient business entity structuring of U.S. operations, certification of tax residency, as well as corporate and multi-state income/franchise tax planning and compliance, sales and use tax consulting and compliance, transfer pricing/customs valuations, ASC 740 tax provisions, and due diligence for mergers and acquisitions.

Prior to devoting his full attention to strategic leadership of the national Cannabis Practices, Dave served as Co-Managing Partner of AAFCPAs for 9 years, where he led the firm through tremendous growth.

Education

  • Assumption College – Bachelor of Science, Accounting

Publications

Service

  • EcoTarium – Trustee and Treasurer
  • Assumption College – Accounting Advisory Board, President’s Council
  • MSCPA – Management of Accounting Practice Committee
  • 15-40 Connection – Central MA Board of Advisors
  • Foster Parent