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Automated TIN Matching Powered by TaxBit Digital W9/W8

Avoid operational burdens and potential penalties with real-time TIN matching

By: Erin Fennimore

VP of Tax Solutions, TaxBit

By: Colby Heiner

Head of Product Marketing

Published on:

Here at TaxBit, we want to automate your tax compliance with a streamlined and compliant process for your customers and internal teams. We recently posted about our Digital W9/W8 solution that enables enterprises to easily embed accurate Forms W-9 and W-8 collection within existing onboarding experiences. 

We are excited to announce that Digital W9/W8 is directly integrated into the U.S. Taxpayer Identification Number (TIN) matching service provided by the IRS in order to automatically match TINs. 

Benefits of Automated TIN matching 

Matching TINs, especially at scale, can be a manual and time-consuming process. Automating this process eliminates the need for error-prone manual work and reduces a series of critical risks to your business. 

Incorrect TINs reported on 1099 Forms may result in B-Notices and if left unresolved, can result in payment withholdings for users in addition to costly penalties and audits from the IRS for the enterprise. Beyond these risks, managing all of the necessary work associated with incorrect TINs and B-Notices creates a large operational burden for finding, documenting, and resolving issues. 

With TaxBit’s automated solution, incorporating automated TIN matching directly with the IRS, this process becomes a seamless extension of enterprise customer onboarding and operations — and is a critical key to issuing Form 1099 reporting in a scalable and streamlined way. 

Additionally, Digital W9/W8 automatically flags any changes in user circumstances and will re-validate updated information with the TIN matching service to continuously maintain customer data integrity thereafter.  

See how TaxBit can help drive your business forward 

TaxBit is paving the way for businesses to streamline and automate their tax compliance processes while at the same time reducing operational risks and manual error-prone processes that weigh down too many organizations.

Our API-powered platform enables a single system of record to unlock scalable tax compliance that meets your business needs and complies with an ever-changing regulatory landscape. Reduce the burden on your internal teams and customers with a best-in-class compliance experience.

To see TaxBit Digital W9/W8 solution in action, request a demo today

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