Taxnexus, Inc., a California startup that makes all forms of tax compliance simple, recently announced the launch of its free web service that delivers cannabis tax information.
Previously, there was no way for a cannabis retailer, cultivator or other taxpayer to easily find out what taxes apply to their business, leaving it exposed to audits and heavy penalties. Taxnexus Situs (local.taxnexus.net) cuts through the chaos of cannabis tax confusion. Anyone can use Taxnexus Situs by entering the name or address of a business and then clicking “Find Tax” to generate a personalized list of cannabis-related taxes. Taxnexus Situs is accurate to the census block level, ensuring taxpayers receive precise information through a proprietary database of all available cannabis tax information in the United States and Canada.
Taxnexus was founded by CEO Vernon Keenan, vice president of business development William De Zenzo and chief counsel Jasmine Davaloo, who have more than 65 years of Silicon Valley and California legal experience combined.
“Taxnexus Situs offers the first practical interpretation of the new cannabis tax laws now being implemented in California’s local jurisdictions,” Davaloo said. “Because Taxnexus continuously monitors for changes in tax law and keeps the Situs up to date, taxpayers can rely on the accuracy of Taxnexus Situs and focus on their businesses as cannabis tax laws change.”
In California, local counties, cities and towns have passed more than 450 tax rules that cover cannabis sales and business activity.
“We are excited by the prospect of being the first and only tax service provider in a new global consumer packaged goods industry,” Keenan said. “California has a special group of business owners who have been living in the shadows for 20 years and are now looking to come out into the light. Taxnexus does not copy the old ways of doing taxes, but invents new financial technology that makes tax compliance easier for every taxpayer.”