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.

Do Pass-Through Payments Require a 1099? What to Know After an Acquisition

Q. After an acquisition, cell tower lease payments were mistakenly remitted to us. We then… Read More

Tax Obligations for Foreign Speakers Presenting Virtually

Q. A department at our college is having an author who will do a connections reading via Zoom since… Read More

Which Chapter 4 Status Code Goes in Form 1042-S Box 12c for a Tax-Exempt Withholding Agent?

Q. We are a U.S.-based 501(c) organization issuing Form 1042-S to non-U.S. vendors. Which Chapter 4… Read More

Form 1042 Electronic Filing Is Required by March 16th - Here's What You Need to Do Now

Since 2024 (for tax year 2023), the IRS requires the Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Person, to be electronically filed. Over the past two compliance

Understanding the NACHA Payroll Entry Description Requirement for ACH Payments

Q. Is the new NACHA rule indicator of PAYROLL only applicable to 1099 non-employee compensation… Read More

Are Research Program Payments to Students Taxable and 1099 Reportable?

Q. We have a program where some of our enrolled students at our institution and some students from… Read More

Should You Void a 1099 When a Vendor Donates Their Payment?

Q. We have vendor that completed onboarding in their business name and tax id number. They… Read More

How to Handle 1099 Reporting for Cloud Transactions

Cloud-based services have become a routine part of how businesses operate, but for AP departments, they've also been a long-standing source of confusion when it comes to 1099 reporting. Here's what… Read More