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Fremont, CA: ComplYant, a digital tax assistant for small business owners, has closed a seed funding round of $5.5 million led by Craft Ventures with participation from Mucker Capital, Slauson& Co., and Techstars. Shiloh Johnson, a Grid110, MuckerLab, and Techstars alum, founded ComplYant.
There are over 31 million small businesses in the US, and they pay billions of dollars in tax penalties each year for failing to file forms or make payments on time. Some businesses simply forget while others don't understand the taxes they owe well enough to realize they owe them. ComplYant's digital platform solves this problem by streamlining workflow, providing a tax savings wallet, and allowing accountants to collaborate on client accounts – all from the comfort of one's browser. With ComplYant, small business owners in the US can easily manage and take charge of income tax, sales tax, business licenses, and even annual reports, including deadline tracking, tax education, budgeting, and more.
ComplYant has saved thousands of customers more than 70,000 hours and over $4 million in late fees and penalties each year by digitizing and streamlining the business tax compliance process.
"During my time as a CPA, I saw firsthand how small business owners struggle with managing their tax deadlines. Running a small business is hard enough already, and on top of everything entrepreneurs have to manage, late fees and fines are the last things they need," stated Shiloh Johnson, CEO and founder of ComplYant."Tax compliance is fragmented and complex, so it's no wonder small business owners find it difficult to navigate. It's time we make it much easier to do the hard stuff better."