How Do Dispensaries Pay Federal Taxes? The 280E Challenge
Highlights Even though the cannabis market is booming across many states both for medical and recreational uses, federal law continues to classify marijuana as a Schedule I controlled substance. This creates serious legal obstacles, impacting cannabis payroll and, as we’ll explore in this post, tax deductions. How do dispensaries pay federal taxes? Let’s dive into […]
How Do Cannabis Dispensaries Pay Their Employees?
Highlights The cannabis industry supports over 440,445 jobs in the U.S. Yet, as recreational marijuana legalization spreads across the country, cannabis business owners continue to face complex challenges in operating legally under federal and state regulations. Banking restrictions and constantly evolving tax requirements present unique obstacles, particularly when paying employees. So, how do dispensaries pay […]
How to Choose a Cannabis Payroll Company
Highlights Finding a reliable cannabis payroll company is crucial for any cannabis business owner. Unlike other industries, cannabis operations can face unexpected roadblocks when it comes to payroll. As a result of banking or federal regulations, payroll providers tend to stay away from businesses within the cannabis industry. This guide will help you select the […]
Cannabis Payroll Security 101: Quick Guide for Your Company
Highlights For companies in the cannabis industry, payroll can be a real challenge. However, payroll goes beyond paying employees on time and staying compliant with regulations. It’s also about ensuring payroll security. When processing payroll and taxes, businesses deal with a considerable amount of sensitive and confidential data that must be protected. That’s especially true […]
Why Isn’t Payroll Easier for Cannabis Businesses?
Way back in 2013, the Obama administration signed the Cole Memorandum, mandating that state-licensed cannabis businesses would not be prosecuted unless they explicitly violated a federal law. Unfortunately in 2018, the Cole Memorandum was rescinded creating uncertainty throughout the industry.
Tax Code Update Gives Cannabis Businesses with 280E Struggles Options
As all cannabis business owners know, there are many challenges the industry faces when managing taxes and the IRS, particularly where IRC Tax Section 280E is concerned. This fact was harshly underscored earlier this year when the Treasury Inspector General for the Tax Administration (TIGTA) released a report suggesting large noncompliance throughout the industry.
9 HR Tips for Cannabis Business Owners to Drive Growth
The burgeoning cannabis industry is seeing massive growth, not only with company size but also with new players entering this competitive market thanks in part to the widespread acceptance of cannabis legalization.
The Cannabis Business Guide to the IRS 280e Tax Code
Over the years, cannabis has been criminalized and then decriminalized, only to be criminalized again. Cannabis has now been legalized statewide in California. With legitimate businesses popping up left and right, it’s safe to say that it will remain decriminalized. There’s just one caveat: While it may have been legalized for medical and/or recreational use […]
What Is a Cannabis PEO and How They Help a Cannabis Business Grow
A flood of new state laws coupled with changing consumer sentiment have made cannabis among the fastest growing industry sectors in the U.S.