As a dispenser of cannabis you are probably contracted with a cannabis farmer to grow and provide the product. The contract has to specifically determine the nature of the business relationship in order for both parties to report it annually to IRS. Any amount of $600 or over is liable and the contract is determined on the three important factors of behavior, financial and type of relationship. This is known as a Form 1099, and both parties have to submit it with their annual tax return before the end of February.
In order to avoid complications, fines, or audits for incorrect submissions; we as accountants offer the following solutions for your cannabis business:
- Compliance with local and federal regulations – we watch for any changes to the regulations or procedures and implement them to your business
- We use the latest accounting technology – allowing you to have instant access to all your bank balances, sales, expenses, payments and balance sheets from any device
- Our initial quote is a fixed fee and includes all our services provided to you – no extra costs will be charged
- Our fee includes the usage of software, accounting fees, excise preparation and even file storage
- We simplify your payroll, tax, SUI and others
- Security between us – all data between us is encrypted
- We can provide background checks and employee manuals.
All of the above allow you to grow your business while we take on the administration, HR support, and most importantly, the compliance of your enterprise.
Reach out today to learn more about our payroll processing solutions.