TaxJar joins Stripe to build the world’s tax compliance infrastructure
By Pavithra R
Stripe, a provider of economic infrastructure for the internet, has announced entering into an agreement to acquire TaxJar, a leading provider of sales tax software for internet businesses. The acquisition is subject to standard closing conditions, including regulatory approvals.
Founded in 2013, is on a mission to reimagine the sales tax experience for online businesses of every size. The firm makes sales tax compliance simple for more than 20,000 online businesses & developers.
“There’s a reason TaxJar has been a top choice for businesses: their software tools make it incredibly easy to handle sales tax. With TaxJar, we will help millions of internet businesses running on Stripe with their sales tax and make it easier for them to sell internationally. And as a CFO, I’m delighted to welcome so many new colleagues who care deeply about taxes!,” said Dhivya Suryadevara, Stripe’s CFO.
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.
- Evaluating a company’s products and intelligently suggesting the right product tax code.
Through the acquisition, Stripe expects to continue expanding its tools to help internet businesses with sales tax. The FinTech is planning to create a suite of tax tools that platforms can offer to their customers.
“Like everyone at Stripe, we think every day about how we can help startups and multinational companies alike remove barriers to growing their business. And what that means is making the complicated work of sales tax compliance as straightforward as possible. We know that to grow the GDP of the internet, compliance is critical. We couldn’t be more excited to join Stripe and help power millions of businesses around the world,” said Mark Faggiano, CEO of TaxJar.
Founded in 2010, Stripe is a technology company that builds economic infrastructure for the internet. Its customer base includes Wayfair, Peloton, Zoom, Instacart, Shopify, Instacart, Twilio, Westfield, Just Eat, to name a few.
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September 22, 2023