Accounts Payable

1099 / 1042-S

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IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Vendor requesting a corrected 1099

Q. We just issued a 1099-NEC to a vendor using the information provided on his W-9 at the time of… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Dollar amount for a paid-off loan reported on a 1098

Q. We issue 1098 for mortgage loans with the government. The recipient pays off the loan in June of… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 reporting of board member's contribution to deferred compensation plan

Q. We have a board member who has elected to have her full 2024 compensation to go to the company's… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Qualified Subchapter S Subsidiary

Q. I received information about  a W-9 a tax class I have never heard of: ABC Information dba XYZ… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Reporting park lot leases

Q. We have leases for parling lots. Is that reportable under 1099-MISC Box one for Rent or, is it… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099s for flat rate travel stipends

Q. What are the 1099 requirements for flat rate travel stipends? We paid $1,000 stipends to… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099-NEC issued to a company that was later dissolved

Q. We have a vendor who I issued  a 1099-NEC for with the name and TIN we were provided with and… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 reporting for legal settlements

Q. Are legal settlement payments reportable for any of the following? - Emotional / Mental… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Correct formatting for an IRIS file

Q. Is there an IRIS test system for submitting 1099 forms, similar to the one FIRE currently has?… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Are charitable donations reportable?

Q. In general, are charitable donations reportable on a 1099 if the vendor is a reportable… Read More
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