1099 / 1042-S

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.

Submitting a Single 1096 Form: Electronic vs. Paper Filing

Q. I would like some assistance in submitting a 1096 form. If I have 1 additional non-employee… Read More

Submitting Test Files to IRIS: What You Need to Know

Q. Is there a test system for IRIS similar to the FIRE test system? We would like to be able to… Read More

1099 Reporting Requirements for Insurance Payments to Health Providers

Q. I have question in regards to 1099s and insurance payments. We are a health insurance company… Read More

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On-demand Webinar: CP-2100 Letters and B-Notices: Compliance Strategies and Risk Management

When a contractor’s name and taxpayer identification number (TIN) don’t match IRS records, the IRS notifies the payer via a CP-2100 letter. What happens next is often misunderstood

Handling 1099-NEC Reporting for Returned Overpayments

Q. A vendor was overpaid for services in 2024 and that amount was issued on the 1099. The… Read More

1099 Reporting Rules for Legal and Medical Settlement Payments

Q. We are reimbursing a claimant for medical payments based on a settlement agreement. The… Read More

Best Practices for Gift and Prize Verification Forms and 1099 Reporting

Q. We currently have a gift/prize verification form that we require recipients to complete when a… Read More

Missed Form 1042 Filing with No Withholding: Should You Still File?

Q. My team recently realized the 1042 form for TY 2021 and 2022 were not filed with the IRS.… Read More

How to Report Easement Payments to a Foreign Landowner: Tax Treaty and Form 1042-S Guidance

Q. Our company is paying a landowner for Trasnmission Line Easement in the United States. This landowner resides in Norway (lived in Norway his entire life and is not a U.S. citizen. Are there tax

The One Big Beautiful Bill: What It Means for AP and Information Reporting

The One Big Beautiful Bill has been signed into law, bringing with it three changes to information reporting. We had told you about these potential changes several weeks ago when the bill was still a