Reporting Profile

When an end user opens an account on your platform, you likely request specific personal information which would be associated with an Account Owner in the Taxbit platform. You may collect this information through various methods, each serving a unique purpose:

Subscription Documents or Booklets: General information required for account setup (e.g., name, address, date of birth, etc.).
Forms W-8 or W-9: U.S. tax-specific details, including tax classification and TIN.
Self-Certifications: Information needed for non-U.S. tax regimes (e.g., DAC7/8, CRS, FATCA).

What Is a Reporting Profile?

At TaxBit, you can provide this information using multiple ingestion options:

SDK: Your users can provide information during onboarding or re-solicitation for new information (e.g., to meet updated tax requirements). Any information submitted via the SDK is stored in Taxbit as Tax Documentation Data.
API: You may choose to create and/or update user data programmatically via API. Any information submitted for users through the API is stored in Taxbit as Account Data.
File Upload: You may choose to manually upload user data through the “Manage Data” tab in the Taxbit dashboard. Any information submitted for users through file uploads is stored in Taxbit as Account Data.

Taxbit will review all of the personal information provided on file for an Account Owner, and consolidate it on the Reporting Profile, which is used for year-end tax reporting.

The rules are based on Taxbit’s subject matter expertise, which consider:

Order of data entry – The latest information is typically prioritized, presuming it is complete and reasonable
Relevance to reporting requirements – Valid tax documentation submitted (i.e., Forms W-8/9) are typically prioritized, as they come directly from the end customer, and pertain specifically to the generation of tax forms (i.e., Forms 1099)

Types of Reporting Profiles

U.S. Reporting Profile: Used for IRS information reporting (e.g., Forms 1099, 1042-S).
Global Reporting Profile: Used for international reporting regimes like MRDP and CESOP.

You will only see the profile relevant to the reporting requirements supported by Taxbit for your organization.

Where to View Reporting Profile Data

The Taxbit Eligibility Page uses data from the Reporting Profile to determine what data to use on year-end forms for each user.
The TaxBit Accounts Page provides a centralized view of reporting data through these sections:

Reporting Profile Tab: Displays year-end reporting data for U.S. and/or global requirements.
Account Details Tab: Shows the data you’ve provided to Taxbit via the Account Owner API, Account API, or file upload.
Tax Documentation Tab: Displays information end users provided through W-8/W-9 forms, MRDP, or CESOP submissions via the SDK or Tax Documentation API.

Example Use Cases

Scenario 1: An end customer submits a Form W-9 via the SDK directly to Taxbit, with their name, TIN, and address. The end customer subsequently provides an updated address that you send to Taxbit via API.
- Result: The U.S. Reporting Profile will leverage the name and TIN from the Form W-9, as well as the updated address that was shared via API. This ensures the most up-to-date information is included on the customer’s tax form.
Scenario 2: For certain end customers, the only information on file is what was originally shared via File Upload. However, other end customers have completed the DPS interview via the SDK.
- Result: The Global Reporting Profile will review all the information on file for each Account Owner and identify what was submitted most recently. This will ensure the information displayed in the Taxbit Dashboard, which is used for reporting, is always up-to-date.

Tips for Managing Reporting Profiles

Keep Data Updated: Use the API or file uploads to ensure information is current throughout the year.
Understand Data Sources: Review all tabs in the dashboard to trace the origin of the data.