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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.

Are Assessment Results Considered a Gift or a Taxable Incentive for Employees?

Q. We have a department who is conducting an assessment and would like to provide the results 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.

In Today’s Economy, Which AR Performance Metrics Should You Track More Closely?

A. - (Answered by Lisa Lansaw CICP, Director, NAHC, Nidec Motor Corporation) In an increasingly… 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 Much Should You Allow for Meals in Your T&E Policy? Benchmarking Insights from Peers

Q. We are reviewing our T&E policy and want to know if we are allowing enough to cover meals 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.

Best Practices for Structuring P2P Roles Between AP and Procurement

Q. We are considering a restructure within our Procurement department and our P2P team. 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.

Can Unclaimed Property Payments Be Reissued via EFT Instead of Check?

Q. If we receive a response back from a due diligence letter that the person/company has determined… 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-E or W-8ECI? Handling Software Payments to a Foreign Vendor with U.S. Presence

Q. We have a vendor in Australia who bills us for annual software licenses for use of 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.

Do political campaigns need to have a TIN?

Q. Do political campaigns (Ex: for Congress or for County Commissioner) need to have 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.

Are Gift Cards Taxable?

Q. We usually provide gift cards to employees each year at our annual holiday party. Are 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 a Settlement Payment for Stock Consideration Reportable on a 1099-MISC or 1099-B?

Q. We are an insurance company who made a settlement payment to a claimant. We reported this… 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 Land Purchase Option Payments on the 1099-MISC

Q. We make option payments to landowners granting us the right to purchase land. If we exercise 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.

Identifying Foreign Vendors to Avoid Unnecessary IRS Withholding

Q. We have several departments that have been ordering things online with a credit card not… 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.

Accessing AP & AR Best Practices, Benchmarking, and Internal Controls

Q. Could you send me the most up to date articles/flow charts for AP and AR& Order to Cash… 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 Multiple W-9s and Tax IDs for a Single Supplier

Q. We have a supplier with three different W9's. The suppliers legal name is the same on all three,… 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 Form W-9: Individual/Sole Proprietor vs. LLC Classification

Q. Our organization has received an IRS Form W-9 from a new vendor that has selected 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.

Foreign Reporting and 1042-S: Are Cloud-Based Software Payments Reportable?

Q. I am trying to determine if the following scenario would be reportable on form 1042-S 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.

Correcting a 1099-K: Reporting Business vs. Individual Transactions

Q.  This relates to the issuance of a 1099-K to a supplier that believes the 2024 transactions… 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 Escheat Compliance: Ensuring Recipients Respond to Due Diligence Letters

Q. Currently, my team sends out letters from Tracker Pro, our escheat compliance software before we… 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.

Do You Need to Issue a 1099 or 1042-S to a Foreign Vendor?

Q. Do I need to 1099 a foreign vendor that has provided a complete W-8 form? Does it make 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.

Understanding LOB Requirements for Treaty Claims on W-8 Forms

Q. When claiming a treaty we ensure that the LOB code is checked on the Ben-E. If the payee however… 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.

Alternatives to Paper Checks and ACH for High-Volume Refunds

Q. For those of you who issue a large amount of refunds in your business that are one-time… Read More
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