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.

Handling Payments to Foreign Vendors from Bermuda and 1042-S Reporting

Q. In 2024, our company made several excess liability payments to a foreign vendor out of Bermuda.… 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.

Managing Supplier Data for Disregarded Entities and 1099 Compliance

Q. We are seeking your guidance on managing supplier master data setups, particularly concerning… 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 Personal Injury Settlement Payments: Year and Recipient Clarification

Q. A physical personal injury settlement payment was paid to the plaintiff attorney, claimants and… 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 W-9 Form: Understanding "Unincorporated Association" and 1099 Reporting

Q. Recently, our organization received an IRS Form W-9 from a new supplier with whom we are working… 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.

1042-S Reporting for Settlement Payments to Foreign Publishing Companies

Q. We are an US insurance company with a US insured. Last year, we issued a settlement payment to 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.

Updating 1099NEC Reporting for Vendor's Change in Tax Status

Q. We received a call from a vendor who was expecting a 1099NEC from us. The W9 form they sent to… 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.

1042-S Reporting for Canadian Vendor Software Subscriptions: Understanding the Requirements

Q. We have recently acquired a company with a W-*BEN-E vendor providing a software subscription.… Read More

Updating Vendor Tax Status and 1099 Reporting: A Guide for Your Company

Q. My company setup a vendor based on the W9 received back in Jan 2024 (W9 signed/dated Dec 1,… 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 Student Merchandise Sales: Understanding the Tax Implications

Q. A student's business merchandise is sold in our Campus Shop. Per the consignment agreement,… 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.

1042 Reporting for Canadian Vendor Payments: Clarifying the Impact of U.S. Payee Assignment

Q. We have a Canadian vendor that we pay for services preformed in the US. Normally the payment… Read More

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