WALNUT CREEK, CA – December 2019 – PRESS RELEASE – Payroll Systems, LLC has announced the release of an advanced payroll automation solution for the cannabis industry. Since cannabis is not yet legal at the federal level, many financial service companies have declined to work with the cannabis industry. Payroll Systems’ compliance expertise and relationships with cannabis friendly banks and financial institutions allows for an open payroll processing solution, including safe ACH transactions (direct deposit for employees) and electronic tax payments to all states, municipalities and the IRS.
Many payroll companies and financial service providers have abruptly stopped providing services for cannabis related businesses due to the lack of a formal compliance program and lack of knowledge surrounding compliance issues. Various regulatory bodies such as FinCEN and the Department of Treasury require payroll service companies to adhere to Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations, similar to the regulations that are imposed upon banks. Payroll Systems’ compliance program ensures that cannabis clients can receive transparent and uninterrupted services without fear of termination because of their industry type.
“The cannabis industry faces unique challenges in finding a payroll solution,” says Tony Bowden, CEO of Payroll Systems, LLC. “Our internal compliance department and relationships with financial service providers sets us apart. This is coupled with our 30 years of experience in the payroll industry, tenured and experienced staff, and advanced technology. We are able to provide the best solution to the cannabis industry for the long term.”
Services include employee direct deposit, employer electronic payroll tax payments, integrated time and attendance systems, employee on-boarding, employee self-service, workers comp solutions, 401k solutions, HR services, Cobra administration, administration of employee benefit programs including FSA, HSA, and Transit plans, and ACA reporting.