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.

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

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 for Settlement Payments: Your Top Questions Answered

Q. We have questions regarding 1099 reporting for settlement payments: 1. How far back is our… Read More

The Work Isn’t Over: Getting Ahead of the Next Information Reporting Cycle (Forms 1099 & 1042-S)

Filing season is over. That does not mean the compliance risk is.

Form 1099 and 1042-S filings for the 2025 tax year are done. What happens in the next 60 days determines how painful the 2026 cycle

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On-demand Webinar: Information Reporting Mid-Year Update

Join us for a rundown of everything that is changing and/or new for information forms in 2026. This up-to-the-second session will give you the latest news. Topics include (and are subject to change

1042-S Reporting for Resident Hall Advisor Assistantships: Taxable or Not?

Q. Our university has international students who receive an assistantship for acting as student… Read More

1099 Reporting When a Contractor Delays Receipt of Their Payment

Q. If someone chooses not to accept their full payment and defer it to another year, should 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.

Reporting Death Benefits from Nonqualified Deferred Compensation Plans

Q. We made Executive Deferred Income Plan payments to the trust of a deceased employee. On which… Read More

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