CohnReznick to Assist Simplifya in Bringing Key Tax and Accounting Data to Simplifya Market Guide, Helping Mitigate Cannabis Industry’s Tax and Accounting Challenges
DENVER — Simplifya (“Simplifya” or “the Company”), the leading regulatory and operational compliance software platform serving the cannabis industry, announced it is working with CohnReznick, one of the leading advisory, assurance, and tax firms in the United States, to emphasize the importance of tax issues in the cannabis sector. Through the collaboration, CohnReznick, which administers key taxation and accounting advice to plant-touching and ancillary businesses in the cannabis sector, is supporting Simplifya by contributing current tax and accounting regulatory guidance to Simplifya Market Guide, a RegTech platform that arms cannabis and cannabis-related businesses with comprehensive, user-friendly regulatory summaries for all 50 states.
“As the cannabis industry continues to grow and more plant-touching and ancillary businesses are entering the space and expanding into new markets, one of the most consistent pain points these entities face is complying with exhaustive, confusing tax laws,” said Simplifya CEO and Co-Founder Marion Mariathasan. “We’re very excited to have CohnReznick, one of the most venerable accounting firms in the U.S. and a trailblazer in the cannabis space, help provide us with key tax content so we can best assist clients adapt to formidable accounting and tax challenges that are unique to the cannabis industry. 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.”
“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,” said CohnReznick Partner Michael Harlow, CPA. “Through Simplifya Market Guide, we’re leveraging our deep industry insights, technical expertise, regional resources and strong relationships we’ve built in the sector to help companies understand tax regulations so they can confidently grow.”
Mariathasan added, “Using Simplifya Market Guide to explore tax implications in relation to planning operations and expansions is incredibly valuable as it helps businesses mitigate risks and unanticipated withholding requirements, which can create significant cash flow problems – and of course skirting the rules is not an option if you want your business to survive. Since Market Guide is updated in real time by a dedicated team of Simplifya’s regulatory experts and software engineers who are constantly monitoring state regulatory changes and requirements, it provides ongoing value to our customers. Also, by dramatically simplifying compliance efforts, it helps reduce infractions while legitimizing and strengthening the cannabis ecosystem as a whole.”
Simplifya Market Guide is continuously updated with the latest content in real time by a dedicated team of regulatory experts and software engineers who are constantly 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 – all presented in a digestible format. Simplifya Market Guide is priced as a monthly subscription, with the final cost based on the number of state profiles a user wants to access and with discounts for those needing multi-state and national feeds.
Simplifya is the cannabis industry’s leading regulatory and operational compliance software platform; our suite of products takes the guesswork out of confusing and continually changing state and local regulations. Featuring SOPs, badge tracking, document storage, tailored reporting and employee accountability features, our Custom Audit software can reduce the time you spend on compliance by 45 percent. For more information, visit www.simplifya.com.
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