Abound is a platform that automates W-9 collection, TIN verification, and 1099 filings through a modern API, ensuring real-time accuracy and compliance with federal and state regulations. By streamlining the tax compliance process, Abound reduces errors and minimizes the administrative burden associated with tax document management.
Funding
$6.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
PVFounders
Product
Problem
Many businesses face challenges in managing tax compliance for independent contractors, including the complexities of W-9 collection, TIN verification, and 1099 filings. Inaccurate or incomplete tax information can lead to penalties, corrections, and increased administrative overhead. Existing solutions often involve manual processes, outdated systems, and disjointed user experiences.
Solution
Abound provides a modern API solution designed to automate and streamline 1099 compliance, ensuring accuracy and adherence to federal and state regulations. The platform offers real-time TIN verification, automated W-9 collection via an embeddable UI component, and simplified 1099 filing processes. By integrating Abound's API, businesses can maintain control over their user data and customize the user experience within their own platforms. The system also provides an enterprise-grade dashboard for monitoring filing statuses, running custom reports, and managing team access.
Target Audience
Abound targets businesses across various industries, including banking, bookkeeping, and invoicing, that need to manage 1099 compliance for independent contractors and other payees.
Features
- Automated W-9 and W-8 BEN collection
- Real-time TIN (Taxpayer Identification Number) verification against IRS databases
- Error-proof form validation to minimize corrections and penalties
- Electronic and physical form issuance for 1099s
- Support for various 1099 forms, including 1099-K, 1099-INT, and 1099-NEC
- B-Notice automation and CP2100 form generation
- Complete state-level coverage for 1099 filings
- Bulk/batch filing support for high-volume filers
- Embeddable UI components for a fully white-labeled user experience
- Secure document storage and retention
- Enterprise-level dashboard for monitoring and reporting
- API that automatically re-queues TIN verifications during IRS system outages