TaxBit Introduces The First Enterprise-Grade Legal Entity Support Solution for Digital Assets

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Dec 07, 2023, 13:03 ET

TaxBit's Innovative Legal Entity Support Transforms Financial Management for the Digital Era

NEW YORK, Dec. 7, 2023 /PRNewswire/ -- TaxBit, the leading accounting and tax compliance solution for the digital economy, announced Legal Entity Support, a transformational addition to its accounting suite. This cutting-edge solution allows companies to set up multiple instances of the system, catering to the diverse needs of sophisticated enterprises with multiple legal entities and use cases.

Aaron Jacob, VP of Accounting Solutions at TaxBit, expressed the importance of this offering, stating, "TaxBit continues to lead the way in providing innovative solutions for the evolving challenges of financial management in the digital era. Legal Entity Support is a game-changer for enterprises, offering unprecedented flexibility and efficiency in managing multiple legal entities and complex reporting requirements for digital assets."

Legal Entity Support enables companies to set up multiple data sources, link wallets, and add exchange accounts for each legal entity, facilitating separate accounting and financial operations and addressing the unique needs of larger enterprises with distinct reporting obligations for various groups within the organization.

Legal Entity Support offers crucial functionalities tailored to the dynamic needs of funds, private offices, and enterprises preparing for evolving financial standards. Key features include the automation of tax and accounting treatments for internal transfers, the ability to maintain different sets of books for tax compliance and accounting purposes, and the flexibility to adapt to various regulatory standards. Notably, NYDIG, a prominent player in the digital asset industry, has recognized the significance of TaxBit's Legal Entity Support and has begun utilizing this feature.

Aaron Jacob added, "The Legal Entity Support feature not only simplifies internal financial operations but also offers a forward-looking approach for enterprises preparing for upcoming regulatory changes, such as the FASB's new accounting guidance in the US. Companies will also use the module to manage multi-jurisdictional needs that extend to IFRS reporting requirements across the globe."

TaxBit's commitment to innovation and client satisfaction is evident, offering a solution poised to set new industry standards. In addition to this new product offering, TaxBit recently announced its AI Rules Engine, empowering businesses dealing with digital assets to streamline their accounting process. The Legal Entity Support feature is now available to TaxBit users, empowering enterprises to navigate the complexities of financial management with unparalleled ease. For more information on Legal Entity Support, please visit our website.

About TaxBit
TaxBit, designed by CPAs and tax attorneys, is the digital economy's leading tax and accounting compliance solution. Providing tax and accounting solutions for enterprises, financial institutions, and government bodies at scale, the TaxBit platform is modernizing the otherwise complex and manual — from automating tax document issuance to crypto accounting. TaxBit is SOC 1 Type 1, SOC 2 Type 2 attestation and ISO 27001 certified. TaxBit has secured over $235 million from leading global investors, including Tiger Global, Haun Ventures, PayPal Ventures. TaxBit has headquarters in Draper, Utah, with offices in Salt Lake City, San Francisco, Seattle, New York and Washington D.C. For more information, please visit www.taxbit.com.

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SOURCE TaxBit