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.

Must a 1042-S be filed if no payments are actually made?

Q. - Is a 1042-S required to be provided/filed, if no payments are actually made? We operate a… 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.

How Do We Account For 1099 Reporting of Unique Settlement Payment

Q. - We have paid a settlement on a matter between our company and two plaintiffs, collectively.… 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.

How to Handle When the IRS Rejects 1099-SB filing

Q. We submitted a file of three 1099-SB's (for tax year 2024) to the new IRS system, IRIS, via our… 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.

New to IOFM? Here’s Where to Find the Best 1099 Webinars and Resources

Q. Hello - I am a new member and wondering what you would suggest in terms of 1099 webinars that… 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 Payments to a Phone Company Reportable on a 1099-NEC?

Q. Are payments to a phone communication company for monthly services reportable if they are an LLC… 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.

When Should You File Form 1098-F: Agreement Date or Payment Date?

Q. When do you start the 1098-F filing? When the Date of the Order/Agreement is finalized or when… 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 Property Tax Rebates Under the NRA Program 1099 Reportable?

Q. I work for local government, and we have a program called the Neighborhood Revitalization Act or… 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.

Should You Issue a 1099 When Payment Was Misrouted?

Q. My company received ABC Corp invoice. Unfortunately, my company made a mistake and paid… 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 Monthly Parking Payments Reportable on a 1099 Form?

Q. My company will make a payment to 1099 reportable vendor. The payment will be for monthly… 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.

How to Report Final Payments for Deceased Employees on Form 1099-MISC

Q. I know the IRS has guidance here: https://www.irs.gov/pub/irs-pdf/i1099mec.pdf about 1099… Read More
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