Taxbit Launches New Tools to Streamline Global Tax Reporting for the Gig Economy

NEW YORK--(BUSINESS WIRE)--Taxbit, the leading enterprise-grade tax and accounting compliance platform, today announced the launch of its Global Digital Platform Reporting Tool in service of the Model Rules for Reporting by Platform Operators (MRDP). These new capabilities are designed to give businesses full visibility and control over their reporting processes, simplifying compliance with complex international regulations for jurisdictions including the UK, EU, Canada, and New Zealand.

"Our new Global Digital Platform Reporting tool gives our customers the control, clarity, and efficiency they need to manage their tax reporting obligations with confidence, and turn a complex process into a manageable, self-driven one.”

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Success in digital platform reporting compliance starts with data integrity and clear visibility into the entire reportable population. Taxbit’s Global Digital Platform Reporting Tool addresses this by empowering customers with on-demand access to their data, helping them to quickly identify and remediate data gaps and ensure year-round compliance.

“The modern rise of the sharing and gig economy has fundamentally transformed industries in just a few short years, adding new complexities to regulatory reporting,” said Erin Fennimore, Chief Tax & Compliance Officer at Taxbit. “Our new Global Digital Platform Reporting tool gives our customers the control, clarity, and efficiency they need to manage their tax reporting obligations with confidence, and turn a complex process into a manageable, self-driven one.”

Key features of Taxbit’s Global Digital Platform Reporting Tool include:

• Integrated Seller Data Collection: Seamlessly collect required end-user information directly in your platform to ensure complete end of year reporting.
• Reportable Population Determination: Gain full, direct visibility into the reportable population for key regions (including the UK, NZ, Canada, and the EU) directly within the dashboard. Users can also view accounts determined to be ineligible and understand the reasons why.
• Comprehensive Data Exports: To support rigorous internal review, the tool allows for the export of detailed validation reports, aggregate data views for QA, and draft forms, empowering businesses to quickly remediate information and ensure completeness.
• Centralized Reporting Snapshot: Provides a consolidated look at the entire reporting process across all MRDP jurisdictions, allowing for quick monitoring of eligibility, form generation progress, and filing status.
• Direct Recipient Form Generation: Users can easily generate recipient copies of required forms directly from the dashboard. Forms can be delivered seamlessly to end-users through an API endpoint or aligned with existing document delivery processes.
• Filing XMLs: Generate jurisdiction-specific year-end XMLs directly from the Taxbit Dashboard for filings from 2025 onward.

By providing direct, on-demand visibility into their reportable population and QA-ready data exports, Taxbit's customers can achieve greater data confidence and significantly streamline their internal review processes for tax-season readiness. The ability to directly generate recipient forms and final year-end XMLs from the dashboard minimizes manual steps and accelerates the entire reporting cycle, ensuring timely and accurate submissions for MRDP.

This product is available for all current and future Taxbit customers. For more information about the Global Digital Platform Reporting Tool, please visit www.taxbit.com.

About Taxbit

Taxbit is the premier tax and accounting compliance platform designed by CPAs and tax attorneys to simplify compliance and reporting. Enterprises, financial institutions, and government agencies trust our comprehensive, end-to-end solution to ensure compliance and accuracy. Taxbit is certified with SOC 1 Type 1, SOC 2 Type 2 attestation, and ISO 27001 standards. With over $235 million in funding from top global investors like Ribbit, IVP, Paradigm, Haun Ventures, and PayPal Ventures, Taxbit is headquartered in Draper, Utah, and has offices in San Francisco, Seattle, New York, and London. Discover more at www.taxbit.com.