In this article:
Required Tax Information
You will be required to enter your tax information when completing your account. If your account was initially set as a no-profit account, you can switch to Make a Profit later by providing your tax information and accepting our terms of service. The information requested is used to create a Stripe Connect account required to pa.
We use the tax information provided to verify your account and affiliated transactions with our payment processor, Stripe. In some cases, Stripe may request a full SSN/SIN from individuals or valid photo ID to verify your account. Where this is the case you may see more fields in the Tax area than what is shown below.
Often, troubles verifying an account stem from an entry error of your legal name or personal information. Ensure your information is correct before submitting to avoid additional verification steps on your account. If you have any questions regarding this page, please feel free to reach out to our Customer Success team for assistance.
Warning: Payouts cannot be deposited if tax information has not been submitted or is missing from your account.
Providing Your Tax Information
To provide us with your tax information after you have completed your account:
- From Dispensary Settings, enter the Tax area
- Complete missing/required fields
- Select Submit and Accept Terms
Complete the required fields in Tax to begin earning a profit.
Note: If you have previously accepted our Terms of Service, you will only see an option to Submit.
Two primary tax classifications are available for selection in this area: Personal OR Business. Here, select the tax classification that would be submitted to the IRS/CRA when filing your taxes.
Individual / Sole Proprietor (or single member LLC)
When this option is selected, there will be two additional options -- Individual or Sole Proprietor.
If Sole Proprietor is selected, a Legal Business Name will also be required.
Setting the business type as Individual or Business within Tax.
For businesses, you must select the business type and enter the legal business name and EIN (or BN in Canada) for verification.
Selecting the tax classification of a Business account type within Tax.
Tip! Entry errors in the legal business name or EIN/BN can cause delays in verifying your account. Ensure the spelling of the business name matches exactly what the IRS/CRA would have on file.
The address entered here should match the address you have on file with your financial institution.
Requesting Changes to Submitted Tax Information
If you need to make a change to the Tax Information on this page, please see our articles US Dispensaries: Updating Dispensary Tax Information or Canadian Dispensaries: Updating Dispensary Tax Information for more information.