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Abound

Introduction​

Plan and withhold taxes for independent workers in deposit accounts on Unit with Abound.

Benefits​

Abound can help streamline the finances of your freelance and gig end customers by detecting their income, portioning out tax withholdings, and automatically making tax payments.

You can read more about Abound and Unit's partnership in our blog post.

Customer Experience​

  1. Your end customers can be automatically enrolled into Abound once they have opened a deposit account on Unit.
Note

End customer's should direct deposit at least a portion of their income into their account on Unit. Contact your Customer Success information for more information.

  1. Income will be automatically detected when deposited into their account on Unit, and a portion will be automatically allocated to a tax withholding account.
  2. Your end customer can track balances and transactions for their withholdings in each separate account.
  3. Abound can help then make quarterly tax payments based on your withholdings and tax estimates.

Implementation​

Suggestion

Unit can help connect you with the Abound team. Contact your Customer Success Manager for more information.

Compliance​

  • Deposit Agreement: Your end customer's deposit agreement should disclose that you'll be using Abound to automate tax withholdings and payment.
Note

Contact Unit Compliance for any required changes or additions to your program's agreements.

Tech Integration​

Abound has documentation for integrating their product directly with Unit. Review Abound’s API documentation for Unit.

Dashboard​

  • Your Unit Dashboard will show a Received ACH credit when income is deposited
  • Automatic Tax Withholdings will be a Book Transaction between your end customer's accounts on Unit
  • When Abound helps pay your end customer's taxes, you will see an Originated ACH debit