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.

Reporting a returned payment

Q. We paid to Vendor A and issued a 1099 for $1,000. In June the following year, they returned 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.

Which state to file the 1099 with?

Q. A sole proprietor provided consulting services for us in 2023 for the amount of $3,000.00. These… 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.

Is paying for access to copyrighted library data a rental?

Q. Is the rental of copyrighted library data considered a rental of a copyrighted article? Or 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.

Reporting of business interruption payments

Q. I work for an insurance company. Are business interruption/income replacement payments to our… 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.

Selecting the correct name to report the 1099 to

Q. We have received a W-9 with the individual's name on line one, their business name on line 2 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.

Stop loss reimbursements

Q. We are an insurance company offering stop loss policies to employers. Our insureds, 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-INT form to a bank?

Q. Do I need to send a bank a 1099-INT form for interest paid to them? A. (Answered by IOFM's… 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 IRIS system submission errors

Q. We have submitted our files on the new IRS IRIS system. Our test file came back accepted. Our… 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.

Non-reportable settlement paid jointly to claimant and attorney

Q. If a settlement payment made to both the claimant and the claimant's attorney as joint payees on… 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 of medical expense reimbursement to a hospital

Q. We are a university and we reimbursed one of our student athletes for a $1,000 insurance… Read More
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