Stripe expects to continue expanding its tools to help internet businesses with sales tax
Stripe announced acquisition of business sales tax platform. Source: stripe.com
Stripe has entered into an agreement to acquire TaxJar, a provider of sales tax software for internet businesses.
Local sales taxes applicable to online commerce have proliferated in recent years, with over 11,000 different sales tax jurisdictions in the US alone. For internet businesses, accurately tracking, calculating, reporting, and filing taxes is a large and growing burden. Indeed, one of the top requests from Stripe’s users over the past 5 years has been for assistance in navigating sales tax.
As the latest addition to Stripe’s revenue platform, TaxJar will help businesses automate tasks such as:
- Providing accurate sales tax rates at checkout, tied to the exact street address of the customer.
- Automatically submitting tax returns to local jurisdictions and remitting the sales tax collected.
- Producing local jurisdiction reports to show sales and sales tax collected—not only for each state, but for relevant counties, cities, and other special jurisdictions.
- Evaluating a company’s products and intelligently suggesting the right product tax code.
According to information, the acquisition is subject to standard closing conditions, including regulatory approvals. TaxJar users can continue to use the company’s products directly.
We’ve reported that Swiss citizens can use Bitcoin to pay taxes.
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