A new partnership to simplify tax identity management and reporting for businesses worldwide
We are pleased to announce a partnership between MassPay and Lilaham Inc., creator of Tax Identity Solutions; two industry leaders with a shared vision of simplifying payment orchestration and ensuring tax compliance for businesses of all sizes. By integrating Tax Identity Solutions into MassPay's Global Payout Orchestration Platform, we are empowering organizations to meet the challenges of current IRS FDAP / FATCA regulations and the new 2023 EU DAC7 Directive, UK, Australia and other adopters of the OECD / G20 BEPS Inclusive Framework, Digital Economy changes head-on, while remaining compliant and efficient in their operations.
This strategic alliance brings together MassPay's expertise in facilitating cross-border payouts to over 175 countries and 70 currencies, with Tax Identity Solutions' deep understanding of tax identity information requirements in the U.S. and Europe.
The result? A seamless, frictionless, and comprehensive solution that enables businesses to manage global payouts and tax reporting with ease and confidence.
"We are extremely excited about this partnership, as it addresses a crucial need for businesses operating globally. Managing payouts to payees in multiple currencies across diverse jurisdictions is no small feat, and MassPay's global payout orchestration platform simplifies this process tremendously. By combining our strengths, we are offering businesses an efficient and comprehensive solution that enables them to focus on their core operations while we handle the complexities of cross-border payouts."
- Peter Horsburgh, CoFounder and CEO of Lilaham Inc.’s Tax Identity
"The gig economy has transformed the way we work, and businesses are increasingly relying on a global contract workforce. With this rapid expansion comes the need for effective tax management, and that's where Tax Identity Solutions expertise comes into play. Our partnership ensures that organizations can seamlessly navigate the intricacies of tax compliance, regardless of their size or location. Together, we are committed to helping businesses thrive in this dynamic landscape by providing a powerful, easy-to-use solution."
- Jeff Katz, Founder and CEO of MassPay. “
The partnership focuses on providing a robust set of tools that ensure tax compliance for organizations worldwide.
Here are just a few ways our integrated solution is transforming the global payout landscape:
- Automated Form Selection & Error Checking: Our platform intelligently chooses the appropriate tax forms for each transaction, reducing errors and saving you and your payees time.
- Tax Withholdings: Automatically calculate and apply the correct tax withholdings to each payee, ensuring compliance with local regulations no matter where they are in the world.
- E-File & End of Year Reporting: Simplify your year-end tax reporting process with our E-File feature, allowing you to submit tax documents electronically and in a timely manner.
- Real-Time Validation: Our system validates tax identity information in real-time, including IRS TIN matching, which reduces the risk of errors and ensures accurate reporting.
- Foreign Tax Support: Stay compliant with international tax laws, as our platform supports foreign tax identification, Foreign TIN matching, and reporting requirements.
- Multiple Income Codes & Geographies: Our solution supports a wide range of income codes and geographies, allowing you to manage global payouts with ease.
By offering a fully integrated solution, we are not only addressing payout requirements and the new tax regulations for 2023 and beyond, but also providing a scalable, efficient, and user-friendly platform that adapts to your organization's needs.
For more information on this partnership and how our integrated solution can benefit your organization, please visit https://www.masspay.io/1099-1042s-tax-services or contact our team of experts today.