CannaCFO Magazine Issue 1 | Page 49

Transparency, 280e and Payroll Assistance

A skilled cannabis payroll company will handle your company’s payroll and taxes with the intricacies of the 280e tax code. Without a doubt, the 280e is complicated so you will need a skilled payroll company who can divide your business into two focal points: one that encompasses cannabis production along with distribution and one that focuses on legal matters and the necessary technicalities. By dividing the business, it can still reap the benefits of ordinary tax deductions such as payroll.

Until marijuana receives federal legalization there will continue to be hurdles because all financial institutions are overseen by the federal government. Working with a cannabis business just carries too much liability for such financial establishments so most avoid the turmoil. Any cannabis business that opts to operate as a cash only establishment leaves themselves vulnerable to a bevy of compliance risks. It is essential that marijuana businesses partner with reputable cannabis payroll and HR specialists to stay in compliance with strict guidelines and continue to grow while making a profit.

*Green Leaf Payroll &Business Solutions is recognized as a national leader in Payroll and HR solutionspartnering with some of the largest Cannabis companies in the industry and bothAML/BSA compliant. Services include banking, net cash (paperless) payroll and Human Resources for the Cannabis Industry