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.

1042-S reporting of transactions made to foreign companies with a credit card

Q. Our university has a vast credit card program wherein hundreds of faculty make purchases with… 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 an employment settlement

Q. Looking for confirmation on how a legal settlement should be reported for a former employee.… 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.

U.S. company with Canadian locations operating under a Canadian entity

Q. We are a US company but we do have locations in Canada under a Canadian company. Since we have… 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 payroll garnishment?

Q. We have some employees on our payroll who have garnishments deducted from their pay. These… 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.

Is food 1099-reportable?

Q. We have a unique situation with an Amish restaurant which does not accept credit card payments.… 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.

Electronic bulk filing CSV templates

Q. Are the CSV templates used for electronic filing universal? A. (Answered by IOFM's third-party… 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.

Entity's service location

Q. There is a foreign consulting firm located in the UK. They provide monthly based consulting… 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.

IRS convention for reporting vendor name

Q. Does the IRS have a specification on a vendor name (Last Name, First Name) or (First Name, Last… 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 garnishment settlement

Q. If a company is paying a garnishment settlement to a collection agency for an employee, would… 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 payments for images licensed from a non-U.S. source

Q. If we're paying for a license to use images from a UK supplier that hasn't claimed a treaty on… Read More
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