Posted on

WELCOME TO TAXNEXUS COMMUNITY

A FREE TAX COMPLIANCE COMMUNITY TO SUPPORT CANNABIS BUSINESSES

Taxnexus Community is designed to help the cannabis taxpayer. Cannabis tax revenues, along with the medicinal benefits for patients, were the motivating factors for cannabis legalization in California. While the medicinal benefits are in full effect for businesses and patients, California cannabis taxes have become the wild west.

The state cannabis excise and cultivation taxes, the hundreds of complicated and hard-to-find local cannabis business taxes and regulations, all on top of sales and use taxes, have made it very difficult for cannabis businesses (taxpayers) to comply. For the most part, cannabis taxpayers have been left to their own devices to figure it out.

But, if the industry wants to succeed, cannabis taxpayers must comply with cannabis tax laws so that the state and local governments can collect the projected tax revenues. To achieve compliance, cannabis taxpayers need support.

WE’RE ALL IN THIS TOGETHER!

Taxnexus Introduces Our New Community

Welcome to the first and only discussion board made for the cannabis industry aimed to bring together cannabis taxpayers, industry service providers, and state and local tax authority representatives to discuss cannabis taxes.

In Taxnexus Community, these individuals or entities can join as users to contribute or just to read through others’ posts to gain information. Below is a brief description of what we hope everyone can put in and get out of this opportunity.

OUR VISION FOR TAXNEXUS COMMUNITY

We Invite the following Cannabis Industry Participants:

 

Taxpayers will have easy and free access to a platform where they can ask their cannabis tax-related questions, share experiences with their peers statewide, engage with vendors and even regulators , and obtain industry information.

 

Vendors will be able to reach a large number of cannabis businesses statewide at once, provide them with useful information, share their expertise and attract potential new clients.

 

Government Regulators, from both state and local cannabis taxing authorities, will be able to engage with cannabis taxpayers (whether statewide or for their local jurisdictions), make announcements, provide information, and answer questions. We have heard that many cannabis taxpayers that want to be tax compliant simply don’t know who to contact and can’t easily obtain the information they need.

Government resources are limited and can’t help each of them directly. By using Taxnexus Community as the platform to engage with taxpayers, they would no longer have to contact multiple government offices to obtain tax information.

A WIN-WIN-WIN PROPOSITION FOR THE CANNABIS INDUSTRY

Taxnexus Community is a win-win-win opportunity for all cannabis industry participants. By bringing some of the key players together in one place to support each other, it works to bring clarity to the cannabis tax chaos and enables the success of the industry.

Posted on

Taxnexus Enables Cannabis Taxpayers with Automated Tax Compliance Solution.

With the new wave of cannabis legalization, not only do cannabis businesses (aka “taxpayers”) have to comply with stringent product regulations, but also with complicated tax laws. The complexity of taxes is especially felt by cannabis taxpayers in states like California where the state regulators have not placed a standard for localities for implementing cannabis tax rules and regulations.

In the absence of a statewide standard, local jurisdictions have enacted a plethora of cannabis business taxes that vary widely in rates and types. Based on a Taxnexus research into California cannabis tax laws, there are currently close to 500 different taxes in city and county ordinances. This number will continue to grow as more local jurisdictions legalize cannabis-related activities and enact new taxes to bring in the much sought-after tax dollars.

Given the multiple layers of evolving tax laws, cannabis businesses are struggling to stay compliant — whether it is figuring out accurate tax rates applicable to them, using the correct computation methods, timely filing tax returns with multiple jurisdictions, or any other tax-related requirement. Such failure to comply is met with heavy penalties. Some California local jurisdictions charge as high as 100% of the taxes owed as penalty on top of the actual taxes owed.

Some cannabis businesses have resorted to expensive in-house accounting professionals, some try to do the taxes themselves, which is rife with human error, while some have simply given up. There has been no comprehensive cannabis tax compliance solution in the space, until now.

Taxnexus is the first and only automated Transaction-to-Treasury cannabis tax compliance solution for the entire cannabis product chain. Through its sophisticated API, Taxnexus offers a suite of products that enable cannabis taxpayers to comply with all state and local tax regimens in the United States and Canada.

Taxnexus Situs delivers all cannabis tax rates applicable to a location when a taxpayer simply enters an address or the name of a city, county, or dispensary. With census-block-level accuracy and up-to-date tax data, taxpayers no longer have to worry about applying incorrect tax rates to their transactions. Taxpayers can now access Taxnexus Situs for free at local.taxnexus.net.

Taxnexus Base calculates applicable cannabis taxes to invoices, and stores cannabis excise and sales tax data in the cloud in compliance with record-keeping requirements. Using the data stored in Taxnexus Base, Taxnexus Returns generates official government tax filing documents, and timely files tax returns with all appropriate jurisdictions on behalf of the cannabis taxpayer.

Taxpayers will soon be able to use Taxnexus products through participating cannabis POS and ERP software. They can ask their POS company about adding Taxnexus to their seed-to-sale solution if they are interested in taking advantage of Taxnexus solutions. Join the Taxnexus Priority Waitlist today. 

Posted on

New Technologies on Display at Direct Cannabis Network Seed Series

Cannabis legalization is in full swing in CA. The cultivators are filling the product chain for dispensaries to satisfy the long line of consumers. Behind the scenes, the industry is buzzing with new businesses filling in the missing links of products and services needed to create a strong foundation for an industry in its infancy.

At a Direct Cannabis Network Seed Series event in San Diego, CA on April 29, 2018, four buzzing startups showcased a diverse assortment of products and services with promising futures. Each company with their own unique ability to enable the success of the cannabis industry took the stage in front of industry professionals and investors, at the networking and pitch event.

Keynote Speaker, Andre Herrera of Hypur, started off the event with a presentation on strategies and services in payment and banking technology for the cannabis industry.www.hypur.com

That was followed by the startup business pitches.

Bill De Zenzo, Co-Founder of Taxnexus, educated everyone on the importance of tax compliance, and how the Taxnexus transaction-to-treasure tax compliance solution works for industry taxpayers. www.Taxnexus.net

Rachel Madison, CEO of Strain Connect, expressed how her company connects the puzzle pieces to find your perfect medicinal cannabis strain through crowd and medical sourced user information by strain and ailment. www.strainconnect.com

Henry Finklestein explained in detail how his company, Cannabis Big Data, connects to any data source, public or proprietary, to yield actionable insights that maximize your business or organization efforts. www.cannabisbigdata.co

Myra Box showed off her VDAB 200’s proprietary “Dial a dab” technology for precise controlled vape dosing. www.vdab200.com

It was an evening of great discussion and insights that were of value for all in attendance. The winner of the closely contested pitch event will be announced soon. What was seen was that the cannabis industry seems to be in the capable hands of bright innovators and business minds much more than its stereotype may portray on the surface.

It is undeniable that the cannabis industry is here to stay, and will be a source of technology advancements, jobs, and needed tax revenue well into the future.

 

Posted on

Taxnexus Announces Free Cannabis Tax Lookup Service

Taxnexus® Situs Allows California Cannabis Taxpayers to Cut Through the Chaos

BERKELEY, CALIF. May 7, 2018 — Taxnexus, Inc., a California startup that makes all forms of tax compliance simple, today announced the world’s first web service that delivers cannabis tax information. In California, 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 (https://local.taxnexus.net) 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.

To get more information about Taxnexus, please visit the Taxnexus website at taxnexus.net or follow Taxnexus on Twitter at twitter.com/taxnexus.

PRESS CONTACT: Taxnexus CEO Vernon Keenan at vern@taxnexus.net or (510) 679-1900.

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.