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.

1099 Reporting for Royalties Paid to a Corporation

Q. For 1099 purposes if a royalty holder is a corporation do we still send a 1099? Or are they… 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 Rent Paid to an S-Corp

Q. Do you issue a 1099 to an S-corp if it is for rent? A. (Answered by IOFM's third-party tax… 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: Payments to Partnerships, Acquired Companies, and Settlement Payments

Q. We acquired a company in 2024 and we sent money to lawyers, consultants and the company that we… 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.

Conference Room Rentals and Equipment Charges: Reporting Under MISC-01

Q. We rented a conference room which I believe would fall into the MISC-01 category. We were also… 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 Garnishments for Independent Contractors on 1099 NEC

Q. When we are presented with paperwork that we need to withhold a garnishment or child support… 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 Attorney Payments on Settlement Damages

Q. We have issued a payment to attorney only for settlement damages for a prior employee. Do we… 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.

Filing 1099-INT Forms for Prior Years: What You Need to Know

Q. We have just recently found that we need to file 1099-INT forms for 2020, 2021, 2022, 2023, 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.

Including a Foreign Unverified TIN on a 1099 Form

Q. If a borrower's Tax ID Verification is set to Foreign Unverified, but they have a TIN number,… 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.

Can You Submit Two 1099-NEC Forms to the Same Recipient?

Q. Will the IRS allow you to submit two 1099NEC to the same Recipient for the same box, two… 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.

Do You Issue 1099s for LLCs Marked as S-Corp or C-Corp on W-9s?

Q. I am confused on the LLC W9's that are marked S- corp, or C-corp If the payments were for… Read More
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