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.”
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
