NEW
YORK, July 8, 2024 /PRNewswire/ --
TaxBit and TAINA Technology, two industry-leading tax
compliance solutions, have announced a strategic partnership to
deliver a comprehensive end-to-end tax reporting solution for the
digital economy. This collaboration aims to assist U.S. and non-US
digital marketplaces with their comprehensive onboarding and
reporting needs to navigate the complexities of the evolving global
regulatory landscape.
In response to the growing gig economy, the IRS has implemented
new reporting thresholds, notably for 1099-K forms, requiring gig
workers to report income exceeding $5,000 in 2024 and $600 in 2025. TaxBit and TAINA's joint tax
solution will assist digital marketplaces in fulfilling their
reporting requirements while streamlining workflows, eliminating
redundant systems, and integrating data seamlessly.
TAINA will facilitate comprehensive data collection,
encompassing onboarding processes, incorporating W-8 and W-9 forms,
and TIN verification. Meanwhile, TaxBit will simplify tax
computations for income and eligibility, streamline the generation,
distribution, and submission of forms, and resolve any issues
associated with B-Notices from filings.
"We are excited to partner with TaxBit; our alliance combines
our expertise, strengths, and advanced technology to deliver
innovative tax compliance solutions for the Gig Economy and Digital
Platforms," said Sarah Cooper,
Chief Revenue Officer at TAINA Technology. "Together, our
complimenting platforms, shared experiences, and resources will
enable us to provide end-to-end tax compliance, keeping pace with
the evolving regulatory landscape."
By capitalizing on the strengths of these industry leaders, the
partnership aims to drive enhanced efficiency from onboarding to
reporting, delivering streamlined end-to-end tax reporting
solutions for enterprises.
Erin Fennimore, Vice
President of Tax Solutions at TaxBit, stated, "We're
thrilled about our partnership with TAINA, which will redefine tax
compliance for the Gig Economy and Digital Platforms. Together, our
advanced solutions, expertise, and global reach will equip
businesses to navigate the evolving regulatory landscape
efficiently."
For more information on the partnership, please visit our
website.
About TaxBit
TaxBit, designed by CPAs and tax
attorneys, is the leading tax and accounting compliance solution
for the digital economy. Providing tax and accounting solutions for
enterprises, financial institutions, and government bodies at
scale, the TaxBit platform is modernizing the otherwise complex and
manual — from automating tax document issuance to
crypto accounting. TaxBit is SOC 1 Type 1, SOC 2 Type
2 attestation, and ISO 27001 certified. TaxBit has secured over
$235 million from leading global
investors, including Ribbit, IVP, Paradigm, and Haun Ventures.
TaxBit is headquartered in Draper,
Utah, with offices in Salt Lake
City, San Francisco,
Seattle, New York, and Washington, D.C. For more information, please
visit www.taxbit.com.
About TAINA Technology
TAINA Technology is a
Regulatory Technology (RegTech) provider of the market
leading, FATCA and CRS Validation Platform. TAINA's fully
automated, robust and flexible platform is helping financial
institutions transform the burden of regulatory compliance into a
competitive advantage by saving costs, reducing risks and improving
their customers' experience.
TAINA clients include the world's largest global financial
institutions, private equity firms, investment managers, Big 4,
fund administrators, transfer agents, gig economy, insurance and
online trading platforms. TAINA is backed by leading financial
institutions and investors including HSBC Asset Management,
Deutsche Bank, Anthemis and SIX FinTech Ventures. For more
information, please visit www.taina.tech.
For media inquiries, please contact
Michelle O'Connor
VP of Marketing and Communications
michelle@taxbit.com
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SOURCE TaxBit