Quarterly tax payments are payments submitted to a government entity each quarter to cover the individual's taxes. All 1099 income earners are required to submit quarterly tax payments to the IRS, and most states have this requirement as well. Failure to do so will likely result in fines, penalties and/or interest owed.
Abound's Quarterly Tax Payments API simplifies the process by providing a single interface for submitting quarterly estimated tax payments to the IRS and supported states on behalf of your users.
When a tax payment is created for a UserUser - A single end-user of your application. Each user has a unique userId, which should be stored in your database and used to make API requests on behalf of this individual. within Abound, our system enrolls the individual with the Electronic Federal Tax Payment System (EFTPS), which provides a digital record of the tax payment for your user and guarantees the payment is transmitted securely.
Abound also supports tax payment submission to 41 states and Washington, D.C.
Updated about 1 month ago