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By Keegan Peterson, CEO and architect of Würk.



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2019 has been a amazing year for the acknowledged cannabis industry.

Illinois and Vermont legalized recreational cannabis this year, bringing the absolute cardinal of states that accept legalized recreational use up to eleven. Cannabis has additionally become one of the arch job creators: back the amends movement began, the adapted industry has created added than 211,000 full-time positions, and is projected to access job advance by accession 20% in 2019.

As we access the holidays and bless the industry’s well-deserved achievements, businesses should be alert of attached up important apart ends in their amount departments in acclimation to break adjustable through the New Year.



Würk understands that this can be a animated time of year for businesses to accumulate up with their amount and operational logistics, which is why we’ve created a chargeless absolute End of Year Checklist for cannabis businesses attractive for an accessible to chase resource. Every year, cannabusinesses civic lose bags of dollars due to preventable tax errors. This arrangement streamlines activity acquiescence and tax acclimation checklists to admonition businesses abstain hasty fees and penalties.

The aggregation at Würk is a appreciative business accomplice to the absolute industry and we attending advanced to accouterment HR and amount solutions to alike added audience afterwards the New Year. If you’re cerebration about authoritative the about-face to a new cannabis-specific amount provider in 2020, amuse analysis our tips on how to accomplish the transition.

Ensure you accept a acknowledged 2019 anniversary by reviewing these reminders about amount that action alone at the end of the year.

DATE

ACTION

December 31, 2019

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Final date to action amount in 2019

January 1-3, 2020

Last window to agree backdated payrolls for 2019 (3rd Affair Ailing Pay, Worker’s Compensation). Wurk will action back-dated payrolls on client’s account *

January 24, 2020

Target date for commitment of W-2s

Included in this adviser are two sections:

1)  Items to analysis and accede BEFORE your LAST PAYROLL of the agenda year

2)  Items to analysis and accede AFTER your LAST PAYROLL, but BEFORE the FIRST PAYROLL of the NEW agenda year

BEFORE your LAST PAYROLL of the agenda year

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Please agenda that the pay date charge abatement aural the agenda year to be included in the W2.

In accession to accustomed amount analysis process, amuse accede and analysis the following:

Employee and employer data

Wage, tax and allowances data

                                    1. Group-term activity allowance in balance of $50,000

                                    2. Third-party ailing pay (is the third affair arising a W-2?)

                                    3. Non-qualified affective amount reimbursements

                                    4. Company-provided busline or parking

                                    5. Bonuses

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                                    6. Non-cash payments (Ex: Gym Membership, Agent Gifts, etc)

Special procedures

AFTER your LAST PAYROLL, but BEFORE the FIRST PAYROLL of the NEW agenda year

The pay date is important, as this will be your aftermost pay date aural the agenda year and afore your aboriginal pay date of the new agenda year.

Agent and Employer Data:

Wage, tax and allowances data:

Special procedures

The above-mentioned commodity is from one of our alien contributors. It does not represent the assessment of Benzinga and has not been edited.

Photo by Javier Hasse.

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Last Updated: December 11th, 2019 by admin
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