Case Study: Paxos achieves tax-reporting scalability — cuts form processing from a month to 20 minutes with Sovos

Paxos Turns to Sovos For High-Volume Tax Reporting for Crypto-Asset Exchange

Paxos, the regulated trust company behind the itBit crypto-asset exchange, faced an untenable surge in tax-reporting workload as user activity grew. Processing 1099 forms once required multiple people working for nearly a month, so Paxos turned to Sovos for high-volume tax reporting support, including real-time ID verification, e-statements and printing services.

Sovos deployed its decades-long tax-reporting expertise along with real-time ID verification and document/printing solutions to automate 1099-B workflows for itBit. As a result, Sovos helped Paxos reduce form-processing time from about a month to roughly 20 minutes, improve IRS compliance for users and preserve Paxos’s premium customer service.

Paxos

Andrew Chang

Chief Operating Officer