October 2024 Update: New Reporting Jurisdictions, Improved Onboarding, & More

In this product update blog, we’re highlighting significant enhancements, including the expansion of marketplace reporting capabilities to cover the UK, Australia, and New Zealand, new managed data connectors to simplify data syncing across systems, and improved TIN matching workflows to streamline tax compliance. Additionally, we’ve rolled out updates to our API documentation for tag management, helping developers better manage metadata and integrate seamlessly with Trolley’s platform.

As we approach the end of the year and tax season draws near, businesses are gearing up to ensure their financial processes run smoothly.

At Trolley, we’re always looking for ways to help you stay ahead of compliance challenges, streamline your workflows, and enhance your operations. We’re excited to announce several new updates and expansions, designed to give you more flexibility and save time during these critical months.

In this update, we’re adding support for new digital platform reporting jurisdictions, improving our onboarding workflows, launching enhanced data syncing capabilities, and rolling out more robust API documentation.

Whether you’re a current Trolley customer or exploring how Trolley can optimize your payouts and tax reporting, these updates will ensure you’re ready for the challenges of the season.

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To get started now, log in to the Trolley platform. If you’re looking for more details, keep reading or book a demo of any features you think will add value to your payout workflow.

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Expanding marketplace reporting: Now covering the UK, Australia, and New Zealand

With digital platform reporting rules continuously evolving, staying compliant across multiple jurisdictions is more important than ever.

In response to growing global demand, Trolley is now supporting marketplace reporting requirements for platforms based in the UK, Australia, and New Zealand.

For more details on these rules, please check out the following pages:

• UK – HM Revenue & Customs: Guidance – Reporting rules for digital platforms
• AUS – PWC: Tax Alert – Reporting Regime for Online Marketplaces (Sharing Economy Reporting Regime)
• NZ – Inland Revenue: Income reporting rules

This expansion complements our existing coverage of the 27 EU countries under the DAC7 rules and our robust IRS reporting capabilities.

For marketplace operators, this means smoother onboarding for recipients in these countries, ensuring compliance with local tax regulations and reducing your administrative burden.

You can easily access and manage these new jurisdictions by heading to Settings >> Tax Compliance >> Marketplace Reporting in your Trolley dashboard.

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Improved TIN matching workflows

Accurate tax reporting is critical for avoiding penalties and ensuring compliance with IRS regulations. To make this process smoother, we’ve launched several updates to our TIN matching workflows:

Localized TIN names: Recipients will now see local TIN names—such as EIN, SSN, or SIN—when completing forms, helping to reduce input errors and confusion.

Expanded auto-approval configurations: You can now set up tax forms to automatically await TIN matching before approval. This ensures that TINs are validated upfront, minimizing errors down the line.

Auto-void for failed TIN matches: To further reduce withholding complexities, we’ve introduced an option to automatically void tax forms if the TIN match fails. This helps streamline the process and prompts recipients to resubmit their tax forms until their TINs are validated.

Clearer email communication: We’ve improved the email templates sent to recipients when their TIN match fails, offering clearer guidance and regional terminology, like SSN or SIN, for easier recognition.

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Enhanced API documentation for tag management

We understand that segmenting and organizing data is critical for running efficient business operations. To support this, we’ve enhanced our API documentation for tag management.

Tags allow you to add additional metadata to various Trolley Objects, including recipients, payments, invoices, and invoice lines.

This update introduces a Concepts section that details the concepts the Trolley API uses, such as authentication scheme, components, tags, and search. Out of the many components, Recipient, Batch, Payment, Invoice, and InvoiceLine support tags, for which we have introduced detailed documentation and sample code helping you understand how to work with tags.

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Effortless data syncing with managed connectors

Keeping data consistent across multiple systems can be time-consuming and prone to errors. That’s why we’re thrilled to announce a major update to our Sync product—introducing managed data connectors. These connectors enable seamless, automated data flows between Trolley and your existing systems, eliminating the need for manual development or custom integrations.

With our out-of-the-box syncing capabilities, you can now create deep data integrations faster and with less effort. This update provides a robust solution to operationalize your data without worrying about the technical complexities of maintaining consistent data across platforms. Watch the video demo to see how this new feature works.

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Coming soon – End-of-year tax planning

We’re working behind the scenes to make sure your 2024 tax filing season goes as smoothly as possible. As in previous years, we’ll be opening up earnings approval and the Tax Center in December and January. Stay tuned for updates!

You can test drive the new features in the sandbox or reach out to Customer Support for assistance.

As always, we appreciate your continued enthusiasm for Trolley. Remember, we’re always just an email or phone call away if you have any questions or feedback about the latest updates.

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Interested in Trolley? Book a demo

Trolley is a full-featured payout and contractor tax solution that can automate your workflows. If you have questions about how we can help you streamline and enhance your existing processes, reach out to Trolley’s sales team to learn more.