FDIC-insured tax withholding accounts allow 1099 employees to automatically save and pay for taxes from within the RoamHR app.
RoamHR , the digital platform empowering the freelance workforce to easily and effectively manage its taxes, announces its partnership with BBVA Open Platform. Starting today, RoamHR users will now have access to FDIC-insured tax withholding accounts in the RoamHR app.
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RoamHR’s tax withholding accounts work alongside the app’s other features. By using the Tax Withholding Account, RoamHR’s proprietary algorithm calculates what a user’s estimated taxes are based on the income they are bringing in. It then allows them to move that portion of their income into the Tax Withholding Account to make sure they have the right amount to pay the IRS every quarter — helping to take the guesswork out of taxes. Additionally, RoamHR users can take advantage of the company’s IRS tax payment service, which makes tax payments on their behalf five days before the scheduled due date.
“Our partnership with BBVA Open Platform offers the additional security and peace of mind associated with FDIC-insured banking institutions,” said Rick Gonzalez, founder and CEO, RoamHR. “Its nimble and highly-customizable offerings allowed our team to easily develop the perfect solution for our users.”
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BBVA Open Platform is a leading Banking-as-a-Service (BaaS) platform in the United States and makes it easy for companies across industries to deliver core banking services to their customers. Through this partnership, RoamHR can originate RoamHR branded FDIC-insured tax withholding accounts on BBVA USA’s real-time Alnova banking core. This is accomplished via BBVA Open Platform’s simple and intuitive APIs.
“Freelancers and consultants have different expectations around financial services,” said Susan French, Open Platform’s Head of Product. “1099 employees are seeking platforms that can help streamline their finances. We are excited to partner with Roam HR to offer an innovative solution that addresses these consumers’ unique needs.”
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