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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 Uncashed Donation Checks and Escheatment

Q. If we have a check for a donation that was never cashed, do we have to escheat… 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.

Industry Benchmarks for Electronic Payments vs. Checks

Q. What is the industry norm for paying vendors with electronic payments versus checks. We are… 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.

Conducting OFAC Checks for New Foreign Vendors

Q.How can we check a new foreign vendor through OFAC before entering them in 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.

Reporting 1099 Vendors with ITINs, EINs, and Sole Proprietor Classifications

Q. My company received W9 with individual name W9 line 1 (entity/individual name) and business name… 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.

Updated 1099 Reporting Thresholds and Effective Dates

Q. I was informed that the threshold for 1099 reporting will be changed to $2,000. I would like 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.

Handling Supplier Name Changes in Vendor Master Data

Q. We have a new company we are adding as a supplier in our vendor master data. We requested their… 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.

Best Practices for Grouping Suppliers in Onboarding Processes

Q. Is there a industry standard way of grouping suppliers? We are trying to understand our supplier… 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-K Reporting Obligations for Third-Party Vendor Payments

Q. Would you be able to provide guidance on if 1099-K form needs to be issued for the following… 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.

Issuing 1099-MISC for Disregarded Entity with DBA and SSN

Q. We have a Speech Language Pathologist that has submitted her signed IRS form W-9 with her name… 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 Requests and 1099 Reporting for Payments to Body Shops and Lenders

Q. We're working on revamping our vendor addition process. We make a number of payments to body… 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.

Best Practices for AP Approval Matrices and AR Policy Design

Q. I’m reaching out to request any available resources or best practices you can share… 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.

Best Practices for Reimbursing Expenses in Executive Recruiting

Q. How are companies handling the recruiting process and reimbursement for high level… 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.

Transitioning from FIRE to IRIS for 1099 Filing

Q. I've been using the IRS Fire System, but do I need to set up a new transmitter code for the IRIS… 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.

Deadlines and Rules for Filing Corrected 1099 Forms

Q. I filed 1099 forms for year 2024 for my government agency in January 2025. I have since made… 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 Form 1042-S Through IRIS vs. FIRE

Q. We currently file all our returns in FIRE. Can we apply for an IRIS Transmittal code (TCC) at… 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.

Marketplace Transactions, Foreign Sellers, and 1042-S Reporting Rules

Q. I’m seeking guidance on whether certain marketplace transactions create U.S.-source income for… 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 W-8IMY Forms and Withholding Statements from Foreign Partnerships

Q. I received a W-8IMY from a supplier in Australia. The supplier marked Chapter 3 status -… 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.

Incorrect Addresses on 1099 Forms

Q. Does the address on the 1099 matter to the IRS? 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-MISC Reporting for 4H Livestock Sales with Commission

Q. We have 4H kids that particpate in the County Fair. When they sell their livestock, we send them… 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 Non-PO Invoices with Backdated Invoice Dates

Q. We have vendors that will submit their invoices in August with an invoice date of May. Does… Read More
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