The platform caters to entites with complex tax reporting needs. Credit: Deemerwha studio/Shutterstock.

Taxbit, a tax compliance and information reporting solutions provider, has introduced a tax reporting platform.

The platform, created by certified public accountants (CPAs) and tax attorneys, caters to entities with complex tax reporting needs, particularly for digital products involving high-volume, high-frequency and multi-asset transactions.

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The platform supports businesses such Dave.com, Fidelity and Uphold.

It addresses the challenges posed by international regulations, offering a streamlined, automated and scalable software solution.

Taxbit’s system is engineered to handle the intricacies of global reporting requirements, ensuring compliance with the latest regulations including US Information Reporting, Digital Asset Cost Basis, DAC8/CARF, CESOP, and DAC7 in the EU.

Taxbit’s platform features developer-friendly APIs that integrate seamlessly with existing enterprise systems, enabling scalability for the needs of the largest global organisations.

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Its end-to-end automation simplifies the ingestion, calculation and reporting processes for complex transactions across multiple countries and asset types.

Additionally, the real-time dashboard provides self-service insights and analytics, helping companies to monitor their compliance status, identify potential risks and maintain proactivity with regulatory deadlines.

Taxbit CEO Lindsey Argalas said: “The global financial landscape is evolving rapidly, driven by transformative regulations and institutional adoption of both digital and traditional assets.

“In order to stay ahead, enterprises need a robust, scalable infrastructure that can meet the industry’s overarching demand for transparency and traceability. Taxbit delivers this with a powerful platform that combines top-tier tax expertise with cutting-edge technology, making it indispensable for success in today’s complex financial environment.”

With more than $235m in funding from various investors such as Ribbit, IVP, Paradigm, Haun Ventures and PayPal Ventures, Taxbit is headquartered in Draper, Utah, US.