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May 5, 2021

Easier, faster Form W-9, Form 1099 API for banks and apps

Abound recognizes that to best address the needs of the Independent Economy, we must serve both the recipient and the payer in a non-employee relationship. Abound’s first products -- tax calculations, transaction predictions, withholding and quarterly tax payments -- primarily focused on the self-employed individual. To effect change at scale within the Independent Economy we also need to solve for the complexities associated with hiring and paying non-employees so that companies can focus on essential business operations. 

Today we’re excited to announce our 1099 Filing & Issuance API, a product intended to solve administrative pain points associated with paying non-employees. Here’s what you can do with our newest API:

  • collect and store information required for a Form W-9
  • issue the Form 1099 that fits your workforce type
  • file the Form 1099 with right parties, including IRS and state-level tax authority 

The Independent Economy takes many shapes and sizes. As such, we’ve launched four Form 1099 varieties (with others coming):

  • Form 1099-NEC: non-employee compensation
  • Form 1099-MISC: various types of income, prizes, awards, or gross proceeds
  • Form 1099-K: merchant card and third party network transactions
  • Form 1099-INT: interest earned or paid

Abound’s mission is to improve financial security, wealth, and wellness for millions of self-employed Americans, ultimately making them more independent and free to choose their own path on their own terms.  Our Form 1099 API makes it easier to pay independent workers, and we look forward to the range of applications developers build with it. 

Authors

Daniel Hayes
Product

Ready to build the future independent workers want to work in?