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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 Suppliers with the Same FEIN and Legal Name but Different Addresses

Q. Our team manages several suppliers who share the same FEIN and legal name but maintain separate… 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.

Tax Reporting for Class Action Settlement Payments Made to an Administrator

Q. We have a class action settlement payment to be made payable to a neutral third-party… 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 Conflicting IRS TIN and EIN Name Check Results

Q. Our TIN Check provider returns multiple types of results when checking TINs, including an 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.

Correcting a Vendor’s W-9: Do You Need to Issue a 2024 Form 1099?

Q. A vendor selected the LLC C federal tax classification on their Form W-9, so we didn't issue… 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.

Benchmarking Check vs. Electronic Payments Across Industries

Q. I am looking for some benchmarking information on check vs. electronic payments. We are 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.

Accounting Treatment for Escheated Checks: Is a Separate GL Account Required?

Q.  Is there are accounting or IRS rule for the booking of the checks escheated? We have check… 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 to Apply 24% Backup Withholding for Missing W-9s

Q. If a Non 1099 vendor does not give the W-9 should we withhold the 24% or the withhold is only… 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.

Submitting a Single 1096 Form: Electronic vs. Paper Filing

Q. I would like some assistance in submitting a 1096 form. If I have 1 additional non-employee… 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.

Submitting Test Files to IRIS: What You Need to Know

Q. Is there a test system for IRIS similar to the FIRE test system? We would like to be able 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.

1099 Reporting Requirements for Insurance Payments to Health Providers

Q. I have question in regards to 1099s and insurance payments. We are a health insurance company… 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.

Tax Treaty Limits: Withholding Rules When Payee Exceeds Thresholds

Q. When a payee has reached their pay limits in a treaty, is the 30% tax retroactive to the whole… 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 Uncashed Garnishment Checks: Who Is Entitled to the Funds?

Q. Back in January of 2019 a Garnishment was held out from one of the employees paychecks and 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.

Best Practices for Vendor Naming Conventions in Your Master File

Q. We are working on a vendor clean-up in our system and are wanting to align our vendors with best… 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 1099-NEC Reporting for Returned Overpayments

Q. A vendor was overpaid for services in 2024 and that amount was issued on the 1099. 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.

Reporting Payments to a Foreign Beneficiary of a Deceased Employee

Q. We are issuing a final warrant for a deceased employee to their beneficiary. We sent a W-9 Form… 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.

Benchmarks for Trade and Non-Trade Deductions in AR

Q. What would be the benchmark for Open Trade and Non-Trade deductions balance as a percentage of… 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.

Common Thresholds for 2-Way Match Auto-Approval in PO-Based Invoicing

Q. Currently our threshold for PO based invoices for 2 way match is $150. Anything under $150 does… 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 Rules for Legal and Medical Settlement Payments

Q. We are reimbursing a claimant for medical payments based on a settlement agreement. 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.

Best Practices for Gift and Prize Verification Forms and 1099 Reporting

Q. We currently have a gift/prize verification form that we require recipients to complete when 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.

Handling Tax Reporting for a Foreign Disregarded Entity with a U.S. Beneficial Owner

Q. We received a W-8BEN-E from a Canadian supplier whose beneficial owner is a US entity and a… Read More
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