Digital Onboarding SDK - Overview

Taxbit offers a tax documentation solution, the Taxbit React SDK, to assist with the collection of Account Owner information that can be embedded directly within a client’s existing interface. The tool can be customized to align with customers’ styling and built to accept information that is already on file for end users.

The information collected via the tool flows directly into the Taxbit platform, undergoes TIN matching, where relevant, and is leveraged on any end-of-year information returns. Physical copies, such as Forms W-8/9 can be accessed directly via the Taxbit Dashboard, and through Tax Documentation API endpoints.

Forms W-8/9

Filers of Forms 1099-B, DIV, and INT must file with a certified Tax Identification Number (TIN), collected on a Form W-9. This means that they must have a process in place to collect and validate Forms W-8/9 ahead of payment and reporting, or otherwise be subject to certain back-up withholding obligations.

Please note that filers of other Forms 1099 may also be required to collect Forms W-8/9 in certain instances, including the receipt of a B-notice.

See here for additional information on IRS Forms W-8/9.

The Taxbit React SDK now includes additional support for certain payments of US FDAP Income, including the collection of treaty claim information, and Forms W-8IMY. Please inquire with your Taxbit representative for additional details.

Digital Platform Seller Interview

Taxbit offers a Digital Platform Seller (DPS) Interview, to assist with the collection of Account Owner information needed to satisfy reporting obligations related to the Model Reporting Rules for Digital Platforms (MRDP).

This includes DAC7, an EU directive that requires Reporting Platform Operators to report certain information about the sellers that use their platforms, as well as other jurisdiction’s local implementation of the OECD ruleset, such as the United Kingdom, New Zealand, and Canada.

Taxbit’s Tax Documentation SDK is actively being updated to support the Sharing economy reporting regime (SERR) in Australia, which is loosely aligned with the OECD’s MRDP.

CRS/CARF Self-Certification

Taxbit has officially launched support for Self-Certifications! The React SDK can now be leveraged to collect Account Owner information on Self-Certifications to support your global information reporting needs.

The Self-Certification is based on the guidance released by the OECD for the Crypto-Asset Reporting Framework (CARF), as well as DAC8, which extends the scope under DAC to crypto-asset service providers on exchanges.

Click here to learn more, or schedule a demo.