Multi-state payroll is the process of managing wage calculations, tax withholdings, and employer filings for employees who live, work, or travel across state lines. As remote and hybrid work has become standard, the number of businesses with multi-state payroll obligations has grown significantly.
A frustrating financial challenge is IRS Tax Code 280E, which states that “no deduction or credit shall be allowed in running a business that consists of trafficking a controlled substance.” This archaic code impacts cannabis businesses across the nation, causing unnecessary fiscal and operational stress. By understanding the history of the code, and best practices related to tax management and cannabis accounting, you can avoid 280E pitfalls and approach it with confidence.
Data may be a simple, four-letter word tossed around in casual conversation, but it is the key to building a sustainable, efficient business destined for success. Data and the analytical solutions used to examine it provide insight into performance, operational expenses, market trends, and much more. Without quality data and tools to study it, IBM reports that 88% of American companies experience a direct impact on their bottom line. In an age of historic technological advancement, companies don’t have to encounter those challenges.
