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Hemp Offers Profit Potential but Also Pitfalls

By Jim Murez

It’s been a rough go lately for the nation’s farmers, with some combination of tariffs, low prices at the farm gate and flooding all impacting their livelihoods. However, one provision in the 2018 Farm Bill offered a glimmer of light for some farmers: Hemp.

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Has Your Organization Spent Enough Time Focused on Your Customer Tax Reporting Requirements?

By Tara Ferris, Justin O’Brien and Paul Frasco

The last several years have shown a dramatic increase in the volume and complexity of customer tax information reporting (i.e., Forms 1099), highlighting challenges in the back office tax operations function responsible for tax reporting and withholding. These last few years have taught us that organizations would be prudent to focus on potential reputational risks of customer tax reporting and withholding as well as how to make their process more efficient and effective.

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Regulators Signaling Retreat on Nonbanks

By Gene Ludwig

There has been a hole in the American financial regulatory system with its light- to no-touch regulatory environment for large nonbank financial institutions. A March proposal by a panel of regulators that nonbanks should be regulated only by their activities in business sectors could make that hole yet bigger.

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The ‘Brexit’ Effect

U.S. companies and banks doing business abroad should be prepared.

By Michael Salerno

As the economy recovered from the financial crisis of 2008, many U.S. companies expanded to the United Kingdom as a way to reach the European Union market, either by exporting, using a U.K. distributor or setting up operations there. Such expansion was a relatively easy move, thanks to a common language and similar banking and legal systems.

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Banking Cannabis Demands High-Level Compliance Scrutiny

By Mike Kennedy

While cannabis remains illegal at the federal level, more than 30 states have legalized retail sales through medical and/or recreational programs. Regardless of political, personal or moral stance, it’s difficult for anyone to deny the very real momentum generated by the emerging legal cannabis industry. U.S. legal cannabis sales reached $10.8 billion in 2018 and continue to grow at a compound annual growth rate of over 20 percent. This meteoric rise in a few short years shows no signs of slowing down, as U.S. demand for cannabis continues to outpace state-sanctioned cannabis programs. Despite such impressive figures, there is one significant hurdle holding this industry back: the lack of access to banking.

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