Expert Questions

Share

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.

Best Practices for Missing Receipt Affidavits: Limits, Thresholds, and Controls

Q. What are best practices for Missing Receipt Affidavits for employee corporate card expenses in… 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.

Missed Form 1042 Filing with No Withholding: Should You Still File?

Q. My team recently realized the 1042 form for TY 2021 and 2022 were not filed with the IRS.… 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.

How to Report Easement Payments to a Foreign Landowner: Tax Treaty and Form 1042-S Guidance

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 Employee Separation Agreements

Q. What is the amount that should be reported to an ex-employee in this following scenario. Note:… 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.

Handling Vendors Using Multiple Tax IDs

Q. We have a long-standing vendor that has now merged with another company. They state that payment… Read More

What Documents Are Needed to Validate a Canadian Vendor?

Q. What documents or information are needed to validate a Canadian vendor and what application can… 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 the purchase of 'copyright/right to use articles' 1042-S reportable?

Q. Our institution purchases online access to journal publications from vendors regularly. In some… 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.

How to Handle Notice of Levy

Q.  Is there a standard process for handling Notice of Levy from IRS? 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.

How to Protect Your Banking Information When Providing it to Vendors?

Q. - We offer our vendors the option to send us refunds for overpayments, duplicate invoice… 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.

Should Collectors Have an Incentive Plan?

Q. - Do you have an incentive plan for your collectors to meet a target goal? If so what is it?… 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.

Must a 1042-S be filed if no payments are actually made?

Q. - Is a 1042-S required to be provided/filed, if no payments are actually made? We operate 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.

How Do We Account For 1099 Reporting of Unique Settlement Payment

Q. - We have paid a settlement on a matter between our company and two plaintiffs, collectively.… 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.

Strategies For Communicating Bank Changes with Customers

Q.  If AR is planning to change its banking information, what are the steps it should take 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.

How to Handle When the IRS Rejects 1099-SB filing

Q. We submitted a file of three 1099-SB's (for tax year 2024) to the new IRS system, IRIS, via 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.

New to IOFM? Here’s Where to Find the Best 1099 Webinars and Resources

Q. Hello - I am a new member and wondering what you would suggest in terms of 1099 webinars that… 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 Payments to a Phone Company Reportable on a 1099-NEC?

Q. Are payments to a phone communication company for monthly services reportable if they are an LLC… 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.

When Should You File Form 1098-F: Agreement Date or Payment Date?

Q. When do you start the 1098-F filing? When the Date of the Order/Agreement is finalized or when… 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 Property Tax Rebates Under the NRA Program 1099 Reportable?

Q. I work for local government, and we have a program called the Neighborhood Revitalization Act 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.

Are W-9s Required for Settlement Payments?

Q. I work for local government, and we pay out settlement, or tort claims, frequently. These could… 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.

Should You Issue a 1099 When Payment Was Misrouted?

Q. My company received ABC Corp invoice. Unfortunately, my company made a mistake and paid… Read More
Find more...

Need Answers?

Ask An Expert ›

Ask Your Peers ›

Glossary ›

Join our mailing list

What are you waiting for?

1

Become a Member

2

Get Certified

3

Attend an Event

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500

Accounts Payable & Procure-to-Pay ›

Accounts Receivable & Order-to-Cash ›

© 2025 Diversified Communications. All rights reserved.
Diversified Communications