Taxbit

Are you expanding your digital product globally? Don’t let compliance slow you down. Watch our on-demand webinar “Compliance for Product Development: Scale Cross-Border Digital Products with Ease." ?? Hosted by our experienced product team leads, Jacqueline Duong and Meghan Nasta – learn how Taxbit empowers product teams to integrate seamless compliance into their workflows, so you can scale efficiently, enhance user experiences, and focus on strategic growth. Here’s what you’ll take away: - The biggest compliance challenges in cross-border product development - Why seamless, automated compliance is critical for success - How Taxbit simplifies compliance with expert-built solutions - Real-world success stories from product teams just like yours ?? Watch the webinar on-demand today on our website: https://lnkd.in/ephVNNtt?

?? Tax season is here—are you ready? Download our guide, "How to Automate Information Reporting: A Guide to Tax Season Success," and discover how to streamline your reporting process and stay compliant with ease. What’s inside: - A breakdown of key tax reporting requirements and the latest regulatory updates - Solutions to common data collection challenges - Proven best practices for building a seamless tax reporting workflow - A comprehensive tax season readiness checklist Don’t let compliance challenges slow you down. ?? Download the guide today and get actionable strategies to conquer tax season and future-proof your process: https://lnkd.in/eczZy-U4

The IRS has set new Form 1099-K reporting thresholds for TPSOs, and the phase-in plan is here. Here’s what you need to know about Notice 2024-85: Key Changes at a Glance: ? 2024 Threshold: $5,000 ? 2025 Threshold: $2,500 ? 2026 & Beyond: $600 What This Means: 1?? The Law vs. Penalty Relief The law requires reporting at the $600 threshold, but the IRS has announced they won’t penalize TPSOs that don’t file at this level yet. Still, filing at $600 keeps you fully compliant with the law. 2?? No More Transaction Minimum Unlike the old rule (200 transactions), the new thresholds apply from the very first transaction. 3?? Backup Withholding Reporting If backup withholding occurred in 2024—even for amounts below $5,000—it must be reported on Form 1099-K. 4?? State-Level Variability States may choose to align with the IRS guidance, stick to their own thresholds, or enforce the $600 federal law directly. TPSOs should monitor state updates carefully. Next Steps: This phased approach brings both clarity and complexity for TPSOs. Staying proactive and informed is key to compliance. Need help navigating the changes? Taxbit’s solutions simplify tax reporting, reduce compliance risk, and adapt to shifting requirements—so you can focus on what matters most. Learn More: https://www.taxbit.com/ #IRS #TaxCompliance #DigitalAssets

?? ???? We at Taxbit are looking for a highly-skilled tax information reporting expert in Europe (fully remote!). ??CARF, DAC8, DAC7, CESOP, 1099DA and CRS are not just random lingo to you, but your passion and you aspire to work with the largest reportable crypto providers in the space and support our efforts with regulators around the globe? Are you a person with extensive background knowledge in the field of information reporting and do you have a relevant understanding of digital assets? ??Then drop me a pm and let's have a chat - excited to explore this further.

??BIG CARF-Update: New major jurisdictions, including the UAE/Dubai, BVI, Cayman, Barbados and Bermuda, join the Crypto Asset Reporting Framework (CARF), paving the way for truly global tax information sharing that leaves no tax havens.. ?? ??As the OECD - OCDE Global Forum on Transparency and Exchange of Information for Tax Purposes celebrates 15 years of remarkable progress, there’s exciting news on the international tax transparency front - among others, UAE/Dubai, BVI, Cayman, Barbados and Bermuda have officially committed to implement the CARF in time to commence exchanges in 2027 or 2028 as part of the Global Forum’s CARF commitment process. ??But what does that mean in practise? With the inclusion of these jurisdictions, CARF becomes a more universally recognized standard, enhancing its legitimacy and reach. Hundreds of new reportable entities will now also be in scope and obliged to report their customer transactions/values to their local tax authorities, who will then forward this information to the tax authorities responsible for the respective users via the OECD'S Common Transmission System (CTS). ??♂?Trading on foreign exchanges to evade taxes? Probably not so clever.. ?? ?? AND finally two key documents have been published designed to support public authorities and private stakeholders, including Reporting Crypto-Asset Service Providers (RCASPs) in the widespread and effective implementation of CARF, namely: 1) Delivering Tax Transparency to Crypto-Assets: A Step-by-Step Guide to Understanding and Implementing the Crypto-Asset Reporting Framework (https://lnkd.in/d-frs_TJ) 2) Capacity-Building Strategy for the Widespread and Effective Implementation of the Crypto-Asset Reporting Framework (https://lnkd.in/d3n-MZnu) ??This is a strong signal that underscores the growing consensus that the fight against tax evasion and fraud with regard to crypto-assets is a global objective that does not allow for any tax havens. ??Brace yourself, the taxman is coming... ?? Taxbit, Erin, Michelle, Colby, Global Blockchain Business Council (GBBC), INATBA - International Association for Trusted Blockchain Applications, Blockchain for Europe, Dion, Barbara, Corinna, Beatriz, Mike, Yitzhak, Amanda, Ari, Tom, Joni, Jon, Dorina, Robert, Roger, Georg For the press release, see: https://lnkd.in/dAngcWkK

PSA and favor to ask... we are actively recruiting for an Accounting Product Specialist at TaxBit. This is someone who would be a key player on my team and support the continued growth and expansion of our accounting product and business. If you are yourself, or know someone who is looking for their next exciting roll please share an reach out. Ideal candidate is a CPA with a passion for details, product building, and working knowledge of the DA landscape. Come work with us! https://lnkd.in/g4K5WMJb

?? Global regulations are reshaping how digital platforms handle tax reporting. Is your platform ready for the challenge? Dive into Navigating Global Requirements for Digital Platform Reporting, Taxbit’s comprehensive guide that breaks down everything you need to simplify and stay ahead of international tax compliance. In this guide, you'll discover: - Core aspects of the OECD’s MRDP framework - Key regional compliance insights: DAC7 (EU), MRDP (UK), Canada, Australia, and New Zealand - Strategies to reduce duplicate filings - Best practices for scalable compliance frameworks - How automation keeps you ahead of regulatory changes Ensure your platform is equipped for success. ?? Download the guide today: https://lnkd.in/dXYkcgd2?

We’re thrilled to share that Taxbit has been named a Deloitte #Fast500 winner for the second year in a row! This prestigious recognition honors companies that are not only advancing innovation but also demonstrating consistent growth and impact. As we continue our mission to transform the global tax and accounting landscape, this acknowledgment reaffirms our commitment to pushing boundaries. Thank you to Deloitte for the honor and to our incredible team for making this possible! #Innovation #Leadership #Fast500

?? Blockchain for Europe Summit 2024 ?? Excited to announce our panel on ‘’The impact of upcoming reporting requirements’’! ?? Colby Mangels | OECD - OCDE & OECD Tax Dorina Juhász | Bitvavo Moderator: Dr. Max Bernt | Taxbit Don’t miss the chance to be part of this insightful discussion! The event is FREE for all and you can register now here?? https://bit.ly/4erQHmy #BC4EUSummit2024 #BlockchainForEurope #Tax #reporting #requirements

ATTENDING NORTH AMERICAN BLOCKCHAIN SUMMIT? CHECK OUT OUR EXCLUSIVE SESSION: Navigating Crypto Compliance With Taxbit - You'll hear from?Taxbit's team of experts: Aaron Jacob, VP/GM of Enterprise Accounting,?Michael Palica, Manager of Tax & Information Reporting, and?Robin Shapiro, Account Product Manager, to?help you understand and navigate the compliance timelines across digital asset accounting, tax and information reporting. ?? Not attending or don't have a pass to NABS? No problem. You can still join the session in person. ? Are you FASB ready? ? What do the Broker Regs mean, and do they apply to you? Session highlights: ? In-depth understanding of the compliance timelines ? Clarity on FASB readiness and Broker Regulations ? Key considerations for miners and real-world insights from industry leaders like MARA ? Exploration of asset pooling (by-source vs. universal) ? Disposition methodologies (FIFO, Spec ID) ? Documentation essentials and transition planning for Jan 1, 2025 reset Attendees will receive exclusive swag and earn valuable CPE credits. Agenda: 8:00 am: Light breakfast fare and networking 8:30 am - 10:00 am:?Navigating Crypto Compliance with Taxbit Spots are limited – register today! https://lu.ma/5ygq27i9