Simplifya, a regulatory and operational compliance software platform serving the cannabis industry, has teamed up with CohnReznick to bring key tax and accounting data to its Simplifya Market Guide, Benzinga has learned exclusively.
CohnReznick, which administers key taxation and accounting advice to plant-touching and ancillary businesses in the cannabis sector, agreed to contribute current tax and accounting regulatory guidance to Simplifya’s a RegTech platform that arms both marijuana and marijuana-related businesses with comprehensive, user-friendly regulatory summaries for all 50 states.
“Through Market Guide, we are not only helping significantly reduce the time and money companies have to allocate towards understanding and complying with tax laws, but we’re helping these companies retain their licenses and survive,” Simplifya CEO and Co-Founder Marion Mariathasan said.
With the cannabis industry growing by the day, there are many challenges that plant-touching and ancillary businesses face regularly, CohnReznick Partner Michael Harlow, CPA, emphasized.
“Properly adhering to tax laws in any highly regulated industry is challenging, but in the cannabis industry – with its evolving and often competing state-to-state tax requirements, compounded with federal tax requirements, unprecedented nondeductible expenses, and intense scrutiny – the challenges both plant-touching and ancillary businesses face are unmatched,” Harlow said.
Meanwhile, Simplifya Market Guide is continuously updated with the latest content in real-time by a team of regulatory experts and software engineers who are monitoring state regulatory changes and requirements.
Users are able to access regulatory snapshots and archived information and receive alerts for any new regulatory changes or updates that come through.
Image and article originally from www.benzinga.com. Read the original article here.