TaxBit and TAINA Technology, two prominent providers of tax compliance offerings, have partnered to launch a complete end-to-end tax reporting solution for the digital economy.
This collaboration is designed to support digital marketplaces, both within the U.S. and internationally, by addressing their comprehensive onboarding and reporting requirements, helping them navigate the complexities of the ever-changing global regulatory landscape.
The partnership is driven by the growing need for streamlined tax reporting solutions in the digital economy. The collaboration focuses on assisting digital marketplaces in fulfilling their reporting requirements while enhancing efficiency, eliminating redundant systems, and integrating data seamlessly.
TaxBit, a leading provider of tax automation software for the digital economy, specialises in simplifying tax computations for income and eligibility, generating and distributing forms, and resolving issues associated with B-Notices from filings.
TAINA Technology, a premier provider of regulatory technology solutions, excels in comprehensive data collection, onboarding processes, and TIN verification.
This link-up addresses the evolving requirements of the gig economy, especially in light of the IRS’s new reporting thresholds for 1099-K forms.
In 2024, gig workers will need to report income exceeding $5,000, and in 2025, the threshold will drop to $600. This joint tax solution will assist digital marketplaces in navigating these changes efficiently.
By leveraging their combined expertise, TaxBit and TAINA Technology aim to drive enhanced efficiency from onboarding to reporting, providing an end-to-end tax reporting solution for enterprises.
Sarah Cooper, Chief Revenue Officer at TAINA Technology, remarked, “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.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.”
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.”
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