Integration Steps

Integrating with our API is a straightforward process designed to streamline your tax reporting workflow and secure your data. This guide will walk you through the essential steps required to set up and maintain your integration with TaxBit’s Information Reporting platform for IRS Information Reporting. Below is a high-level overview of what to expect:

Accessing the API: Using Tenant Scoped Bearer Tokens

Authentication with Bearer Tokens: Learn how to securely authenticate your API requests using tenant scoped bearer tokens. This method ensures that your data remains protected and accessible only to authorized users within your tenant environment.
Token Management: Understand the importance of managing the 24-hour validity of these tokens to maintain uninterrupted access to the API.
Security Best Practices: Follow our recommended security measures to handle and transmit bearer tokens securely.

Setting Up Account Owners and Accounts

Account Owners: Establish the primary entities within your organization that represent real-world individuals or entities responsible for tax obligations.
Accounts: Create and manage the units where transactions are recorded and reported. Learn how Accounts and Account Owners are related and why setting them up correctly is crucial for accurate tax reporting.
Hierarchical Relationships: Explore the different ways Account Owners can relate to Accounts, whether it's a one-to-one or one-to-many setup, to suit your organization’s needs.

Sending Transaction or Form Item Data

Data Submission Methods: Understand the different methods available for submitting your data, including batch processing options for efficiency.
- Transaction Data: Submit detailed transaction records for granular reporting and inventory management. This step involves sending data in our standardized Transaction Data Model (TDM).
- Form Item Data: For organizations focused on year-end tax reporting, learn how to send summarized form item data that TaxBit will use to prepare tax forms. This option simplifies your data submission process while meeting your reporting needs.