Achieving Compliance and Promoting Tax Transparency
Zero Hash powers global innovators such as Stripe, MoneyLion, and Interactive Brokers, to build innovative crypto programs, with access to 50+ digital assets and 22 blockchains. Zero Hash’s modular platform makes it simple for companies to start with one product and rapidly grow a portfolio of crypto solutions; trading, payments, custody, compliance, loyalty, and NFTs.
However, such diverse and complex transactions and digital asset types require innovative technology driven by deep tax compliance expertise.
TaxBit’s API-powered platform
Zero Hash identified TaxBit as the industry leader for building critical crypto-compliance infrastructure. Zero Hash is now successfully navigating new territory defined by ever-evolving crypto business models and tax reporting obligations.
Harnessing the power of direct connectivity and TaxBit’s seamless API, Zero Hash’s clients have been able to securely share nearly 3M transactions spanning buys, sells, income, rewards, and transfers in & out. TaxBit then automatically normalized the data, identified the taxable implications, and generated more than 65k forms including IRS required 1099-Bs and more generic Gain Loss Statements all with 100% on-time delivery.
Maintaining the integrity and accuracy of customer data is an industry-wide challenge. To ensure this challenge didn’t impact clients, Zero Hash implemented TaxBit’s Tax Identification Numbers (TIN) matching service for their U.S. customers. By leveraging TaxBit ’s direct API connection with the IRS, Zero Hash experienced a 95.4% TIN Match Rate – facilitating and automating a foundational step for filing accurate 1099 Forms, based on internal TaxBit data.
Zero Hash is an enterprise solution, we care intimately about compliance to maintain our strong regulatory relationships and as a hallmark of trust with our customers. There’s a real cost of not being compliant that our customers appreciate.