Accounts Payable

W-9 / W-8

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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 of foreign payments to a U.S. supplier

Q. What is the tax reporting obligation if a company has a non-US location (eg Europe) engaging… 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 an LLC have another LLC as owner?

Q. We are looking for some clarification in a W-9, tax classification, on line 3, as… 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.

W-9 from sole proprietor

Q. What would be the best practice for a supplier that checked individual/sole proprietor 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.

W-8BEN recertification and withholding

Q. I work at a bank and we have recently been digging into our procedures surrounding the W-8BEN… 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.

Setting up a vendor that is a sole proprietor or single member LLC

Q. When we receive a W-9 with the person's name, business name, SSN and TIN, how should we report… 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.

Are trusts and estates exempt from reporting?

Q. Will you please let me know if all vendors who specify their tax classification as trusts or… 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 W-8ECI

Q. A supplier who is not longer a resident of US and is the landlord of a property we rent … 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.

Required security for W-9s

Q. I recall from a training that W-9s are required by the IRS to remain secure and locked up (if 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.

Setting up a vendor when the invoice is from a different name than the one on the W-9

Q. We have an invoice from Jones Company, but the W-9 is from Smith Solutions. How should we set up… 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.

Settlement payment to an individual without a W-9

Q. I have to make a settlement payment to make an individual whole this would not be considered… Read More
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