- All-new automated solution designed to calculate, collect, report and remit taxes on Creator sales in the US & Canada, saving significant time and effort in sales tax administration
- Thinkific is one of the first platforms globally to deploy the new, Stripe-powered solution
- Thinkific also announces advanced analytics capabilities, powering a new suite of commerce products and enabling Creators to make better informed business decisions and drive further efficiency and growth
Thinkific Labs Inc, a leading platform for creating, marketing, and selling online learning products, announced the launch of a new, first-of-its-kind automated Sales Tax Solution for Creators. Thinkific will be one of the first platforms globally to deploy the solution which is powered by industry-leading financial infrastructure platform Stripe and designed to streamline the sales tax process for Creators using Thinkific Payments.
“Our Sales Tax Solution has been designed to take the complexity and confusion associated with taxes completely off our Creators’ plates,” said Greg Smith, CEO of Thinkific. “Navigating sales tax remittance across multiple jurisdictions can be very complicated and time-consuming, which is why we’ve partnered with Stripe to offer an automated solution that seamlessly handles all aspects of tax compliance. Through automating this process, our Creators can concentrate on what matters most: delivering exceptional content and growing remarkable businesses.”
Sales taxes have long been a challenge for online Creators. The complexities of tax rules and obligations associated with tax filing across different states and provinces, coupled with ever-changing regulations, makes ensuring compliance for Creators nearly impossible to do manually.
With the new automated tax solution, Thinkific facilitates Creator tax compliance on transactions across the United States and Canada processed through Thinkific Payments, providing a comprehensive tax management system handling tax calculations, collections, and remittances for all sales from customers located in the United States and Canada.
“Many platforms took a simpler route by calculating and collecting tax and letting sellers manage remittance. That didn’t feel right for Thinkific. Our solution removes the burden on Creators to register with over 50 tax authorities across the United States and Canada, track how much is owed and been paid to each, and comply with the remittance schedules for each tax authority. We went further than other platforms by taking responsibility for remittance and automating sales tax completely. Overnight, sales processed on Thinkific Payments in the USA and Canada became sales tax compliant without Creators having to do a thing,” said Peter Fitzpatrick, Vice President, Head of Commerce.
In addition to ensuring compliance with tax regulations, the Thinkific Sales Tax Solution allows Creators to earn more on each sale they make, automatically calculating and adding applicable taxes on top of their set product price, so they no longer absorb varying tax costs across jurisdictions.
“Tax compliance is a huge challenge for every business — and particularly for small businesses running on platforms. That’s why we built Stripe Tax for platforms. We’re proud to enable Thinkific to even better support its Creators, so they can focus on their true passion,” said Michael Carney, product lead for Stripe Tax at Stripe.
The automated tax solution is now live for all Thinkific Payments customers and applies to sales in the USA and Canada.