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.
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