BERKELEY, CALIF. – May 7, 2018 – Taxnexus, Inc., a California startup that makes cannabis tax compliance simple, today announced the world’s first web service that delivers cannabis tax information. In California the local counties, cities, and towns have made over 450 tax rules that cover cannabis sales and business activity.
Until today, there was no way for a cannabis retailer, cultivator or other taxpayer to easily find out what taxes apply to their business, therefore leaving it exposed to audits and heavy penalties. Now, Taxnexus Situs cuts through the chaos of cannabis tax confusion with a free website available at https://local.taxnexus.net.
Starting today, anyone may use Taxnexus Situs by entering the name or address of a business and then tapping Find Tax to generate a personalized list of cannabis-related taxes. Taxnexus Situs is accurate to the census block level, ensuring a taxpayer gets precise information. Taxnexus Situs uses a proprietary database of all available cannabis tax information in the United States and Canada.
“Taxnexus Situs offers the first practical interpretation of the new cannabis tax laws now being implemented in California’s local jurisdictions,” said Jasmine Davaloo, Esq., Chief Counsel and a Founder of Taxnexus. “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,” added Ms. Davaloo.
Taxnexus market research predicts cannabis consumption in the United States will reach $25 billion annually in 2022. In that year, Taxnexus estimates there will be over 49,000 cannabis taxpayers transmitting $5.5 billion in tax remittances, and the financial services consumed to calculate, store, transmit and remit cannabis and sales taxes will be $1.2 billion in 2022.
“We are excited by the prospect of being the first and only tax service provider in a new global consumer packaged goods industry,” said Vernon Keenan, CEO and a founder of Taxnexus. “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,” added Mr. Keenan.
The Taxnexus suite of products, Taxnexus Situs, Taxnexus Base and Taxnexus Returns, enable cannabis taxpayers (retailers, cultivators, manufacturers, distributors, laboratories and others) to comply with the new and evolving tax regimens being introduced in the United States and Canada. Cannabis POS and ERP software developers will adapt their existing cloud and on-premises services to Taxnexus using Taxnexus API.
Taxnexus Situs is a free service that is available today for California and will cover all of the United States and Canada by the end of 2018. Taxnexus Base and Taxnexus Returns are planned for late Summer 2018. Taxnexus API is currently available to qualified developers.
Taxnexus made its public debut by participating in the Direct Cannabis Network Seed Series pitch contest held in San Diego, California on April 29, 2018. “We are so pleased that Taxnexus picked DCN as a venue for their public debut. Making cannabis tax compliance easy is a critically unmet need in our quickly growing industry, “ said Adelia Carrillo, CEO and founder of Direct Cannabis Network. “We love the fact that more Silicon Valley people are coming into our industry with some heavy-duty IT firepower,” added Ms. Carrillo.
Taxnexus was founded on April 9, 2018 in Berkeley, California. The founders, Mr. Vernon Keenan, Chief Executive Officer, Mr. William De Zenzo, Vice President of Business Development and Ms. Jasmine Davaloo, Esq., Chief Counsel, represent over 65 years of Silicon Valley and California legal experience. Mr. Keenan has enjoyed positions at Northwestern University, Genentech, Oracle, Zona Research and Salesforce. In 2012, Mr. Keenan and Mr. De Zenzo co-founded Telnexus, a Berkeley-based communication service provider. In 2017, the Taxnexus founders saw the opportunity to provide tax service in California and the world.
Taxnexus, the Taxnexus logo, Taxnexus API, Taxnexus Situs, Taxnexus Base and Taxnexus Returns are all registered trademarks of Taxnexus, Inc. Copyright © 2018 by Taxnexus Inc. All rights reserved worldwide.