What's New in TaxBandits API

Last updated: 07 September 2024

Here you can find the most recent updates made to TaxBandits API.

We've enabled support for 1099 and W-2 forms for the 2024 tax year, now available in versions 1.7.1 and 1.7.3 of our API. This update ensures that you can seamlessly process these forms in compliance with the latest regulations.

• Form W-2 Updates for 2024:

  • Social Security Wage Base Limit: The wage base for Social Security has increased from $160,200 to $168,600.
  • Social Security Tax Rate: The Social Security tax rate will remain unchanged at 6.2% for both employees and employers. The maximum Social Security tax each will pay in 2024 is $10,453.20.
  • Medicare Tax: No change in Medicare tax rates for 2024.
  • Household Employees: Social Security and Medicare taxes will apply to household employees earning $2,700 or more.
  • Election Workers: Social Security and Medicare taxes will apply to election workers earning $2,300 or more.

• Form 1099 Updates for 2024:

  There are no major changes to Form 1099 for the 2024 tax year; it remains unchanged from previous years.

• Address Book Changes​

  We’ve made some changes to our Address Book feature to accommodate the new IRIS guidelines for 2024. Learn more

• BOI Reporting

  Starting January 1, 2024, FinCEN mandates most small businesses in the U.S. to submit Beneficial Ownership Information Report (BOIR). To help our clients meet FinCEN compliance, TaxBandits API now enables streamlined automation of BOI reporting right from your software. Learn more

• Drop-In UI for Form W-9

  In addition to RequestByEmail and RequestByUrl methods, we’ve introduced a Drop-In UI for Form W-9 automation. You can customize our ready-made interface the way you want and seamlessly integrate it into your existing application. Learn more

• Instant TIN Matching

  TaxBandits now introduces an Instant TIN Matching service exclusively for businesses whose use case demands real-time TIN validations. You can complete the TIN Matching at the click of a button and retrieve the results in seconds. Learn more

  note

  We also offer Standard TIN Matching if you prefer bulk TIN validations rather than instant results.

• New Forms

  TaxBandits API now supports the e-filing of the following forms in addition to the existing forms.

  • 1099-A: Acquisition or Abandonment of Secured Property
  • 1099-LTC: Long-Term Care and Accelerated Death Benefits
  • 1099-SA: Distributions from an HSA, Archer MSA, or Medicare Advantage MSA
  • Form 5498: IRA Contribution Information
  • Form 5498-SA: HSA, Archer MSA, or Medicare Advantage MSA Information
  • Form 5498-ESA: Coverdell ESA Contribution Information
  • Form 1098: Mortgage Interest Statement
  • Form 1098-E: Student Loan Interest Statement
  • Form 1042-S: Foreign Person’s U.S. Source Income Subject to Withholding
    
    

• W8BEN Interview Flow

  The interview-style filing option is now available for W-8BEN forms. Learn more

• W-9/W-8 Secure URL Customization

  Now, you can customize the W-9/W-8 page (secure URL) in your developer console and generate a customization ID. You can use that ID in your RequestByEmail or RequestByUrl request to reflect the customizations on the W-9/W-8 completion secure URL. Learn more