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.

Do Political Donations to Section 527 Organizations Require a 1099-MISC?

Q. We are about to make a donation to a political party. I am uncertain whether this donation… 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.

Understanding the Difference Between 1099-MISC Box 3 and Box 7

Q. What is the difference between 1099-MISC Box 3 and Box 7? A. (Answered by IOFM's third-party tax… 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 1099 Reporting After an Acquisition When Payments Were Made Under Multiple TINs

Q. My company acquired another subsidiary company before January 1, 2025. However, the subsidiary… 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.

Trust/Estate 1099 Reportability Exemptions

Q. Recently, our institution received an IRS Form W-9 from a new supplier with the "Trust/estate"… 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 Responsibility for Middleman Payments

Q. We issue agriculture loans and lines of credit. Our client hires a construction company to do… 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.

Filing 1099-S with State or Local Tax Departments

Q. I do not see any specific reference that this form has been removed. Does this imply that Copy B… 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 Refund Payments to a Deceased Resident’s Estate

Q. We are a nursing home industry and pay refunds to our residents for overpayments of stay and/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.

Including or Excluding Vendor Expenses on Form 1099

Q. What is the best practice regarding expenses? Should they be included in the $ amount remitted… 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.

Determining 1099 Reporting Requirements for Common Business Payment Types

Q. We are working on categorizing payment types. We researched IOFM and couldn’t find an answer.… 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.

State Reporting Requirements for 1099 Filings

Q. When reporting 1099s to the IRS, on the due date, which state should all the 1099s be reported?… Read More
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