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.

W-9 or W-8? Tax Reporting When a UK Entity Has a U.S. Parent Company

Q. We have a payee that describes itself as a UK-based company owned by a U.S. parent company. The… 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-MISC Reporting for Multi-State Casino Prizes

Q. We have multiple properties located in two different states. We have the same EIN for the… 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.

Canadian Address, US Vendor: Which Tax Form and Do You Withhold?

Q. We received a W-9 from a vendor with a Canadian address. It seems that he now resides in… 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.

County Land Acquisitions: Attorney Closing Agent Exception to Form 1099-MISC Box 10 Reporting

Q. We have received prior Ask the Expert guidance confirming that any payment to an attorney not… 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 Ad Space Purchases a Service Requiring 1099 Reporting?

Q. Is paying for ad spaces considered a service that should be 1099ed? Or is it 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.

1099 Reporting Thresholds: NEC vs MISC and Software Classification

Q. I'm seeking clarification on threshold amounts for reporting to the IRS. Below are our main… 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 Identify Independent Contractors and 1099-NEC Recipients in Your Vendor Master File

Q. I am looking for an easy way to identify all of the vendors in my master file that are… 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.

Form 1099 Reporting for Eminent Domain Judgments: Attorney Trust Accounts & Interest

Q. We recently issued a payment of $112,000 ($95,000 principal + $17,000 accrued interest) via 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.

When Are Goods and Services 1099-Reportable? Practical Guidance for Bundled and Itemized Payments

Q. Please advise on the best practice for reporting 1099 information for the following situations.… 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.

Foreign Nonqualified Intermediary with US Owner: Tax Reporting and Documentation Requirements

Q. We received a W-8IMY for a vendor based in Australia. Its Chapter 3 status is Nonqualified… Read More

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