Comprehensive Tax Compliance Solution for the Gig Economy
Two industry-leading tax compliance solutions, have partnered 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
The IRS has implemented new reporting thresholds for 1099-K forms, requiring gig workers to report income exceeding $5,000 in 2024 and $600 in 2025. With the IRS reporting thresholds for 1099-K forms approaching, it's crucial to implement a robust system to ensure your business remains fully compliant.
The TAINA Platform will facilitate Onboarding:
Streamline contractor onboarding processes: Comprehensive data collection, incorporating W-8 and W-9 forms, and TIN verification for enhanced accuracy in reporting.
• Automate Onboarding: Efficiently collect account holder information • Tax Documentation: Collect and validate W-8 and W-9 forms and statuses • TIN Matching: Real time TIN validation of US and non-US contractors • Improve Data Quality: Delivers clean and accurate reporting data for Forms 1099 and 1042-S
The TaxBit Solution will facilitate Reporting:
Tax Compliance Simplified: Automate the process of determining eligible accounts, generating and delivering Forms 1099 and 1042-S, as well as resolving any post filing changes and IRS Notices.
• Data Automation: Aggregate and cleanse recipient and payment data. • Year End Reporting: Automatically generate Forms 1099 and 1042-S, API powered delivery to recipients and filing with the IRS & State. • Post Filing Remediation: Processing of corrected Forms as well as B-Notice Resolution
Streamline tax compliance and Automate internal processes
Increase efficiency and save money with a modern approach to tax workflows
End to End Tax Compliance
With TAINA and Taxbit we cover the full end to end tax lifecycle
Automate Manual Processes
Save time by reducing manual and costly workflows
Improve Reporting Data Quality
Improved and more easily accessible data required for reporting purposes
Reduce Risk of Audit and Penalties
Reduce risk of audit and penalties by working with best of breed and integrated solutions
Fully Supported System Providers
Eliminate need to manage multiple systems and data integrations
Rules in line with latest regulations
TAINA and Taxbit have internal SMEs and uses Big 4 advisors to monitor and update their platforms
Schedule a free consultation with our teams
Schedule a call to explore further details about TaxBit and TAINA Technology's comprehensive, end-to-end tax compliance solution. We would love to discuss how our joint solution can support your organization.
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