December 18th, 2024

• Enhanced 1099-INTs generation (tax documents)
  • Now, customers/fintechs can use the endpoint POST /account/:account_id/tax_document **** to generate 1099s on demand
    • Customers/Fintechs can generate a 1099 via this endpoint as long as a 1099 doesn't already exist for the account. If a 1099 does exist for the account, customers/fintech can either delete the existing 1099 via the PATCH or DELETE endpoint (if the 1099 has not yet been filed). They can also create a corrected 1099 using the is_correction flag (if the 1099 has already been filed).
  • If a change is needed for the tax document, customers/fintechs can use the PATCH /account/:account_id/tax_document/:id to make the necessary update
    • The PATCH endpoint would allow users to update the status of the 1099 under certain conditions. If the status of the 1099 is ready_for_filing the user could PATCH the status to filing to trigger filing of the 1099. We would trigger the filing of the 1099 and return the entry in filing status. We'll update the status to filed once the filing is completed.
  • Additional endpoints DELETE /account/:account_id/tax_document/:id and GET /account/:account_id/tax_document/:id are available for use
    • For DELETE /account/:account_id/tax_document/:id
      • If the 1099's status is pending or ready_for_filing, we'd use this endpoint to allow deletion of the 1099. At this time, the 3rd party provider doesn't allow changes to unfilled 1099s; instead, customers/fintechs will need to delete the 1099s they want to change and create a new one. When this endpoint is used, we'll delete the associated 1099 and set the status to deleted.
    • For GET /account/:account_id/tax_document/:id
      • Similarly, we've added a GET /account/:account_id/tax_document endpoint that returns the 1099s generated for an account.
  • Documentation
    • https://docs.treasuryprime.com/docs/creating-and-filing-a-1099-int

Treasury Prime cannot advise on a customer's tax liability. If you have any questions, it is recommended that you consult a tax professional. All third-party fees incurred in connection with generating and filing 1099-INTs on Treasury Prime's platform will be passed through to the customer.