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The business is unbanked but are the owners and employees really unbanked? How do payroll and taxes work in that industry?
by matt_heimer 5y ago
The business is unbanked but are the owners and employees really unbanked? How do payroll and taxes work in that industry?
- desdiv 5y ago>How do payroll and taxes work in that industry? I don't have personal knowledge of the marijuana industry, but IRS's site says they accept cash and Money Orders. There's a $1,000 per day limit for cash, so it's not really feasible for large businesses. Instead, I think you can make Money Orders by going to Western Union or USPS, if banks are to be avoided. [0] https://www.irs.gov/newsroom/irs-payment-options https://www.irs.gov/newsroom/irs-payment-options
- legerdemain 5y agoMoney orders also have a maximum amount. At USPS, the maximum amount is $1000.
- formerkrogemp 5y agoThe amount varies based on risk tolerance and AML/KYC laws. I used to work in a bank.