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Reporting Canadian Corporation Fees for U.S. Conference: 1042-S Filing

Q. We received a W8-ECI from a Canadian corporation. They provide us with software services 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.

Unclaimed Property Guidelines: Handling Credit Balances with Indirect Customers

Q. We have a customer that has an accounts receivable credit balance, which has come to one of 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.

E-Filing Corrections: Is Form 1096 Still Needed?

Q. Do we still use the 1096 form for manual correction to be sent to IRS. Or is this an electronic… 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 Loan Fees on Artwork from Foreign Vendor

Q.  We have an agreement with a vendor from Denmark to loan us their artwork (sculpture) 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.

Clarifying 1099-MISC and 1099-NEC Reporting for Staff Retreat Expenses

Q.  We did our staff retreat at a local resort that is an LLP. The amounts of the Room… 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.

Connecting with Universities Using Workday for Federal Aid Accounting

Q. I am looking for a higher education university/college that is using workday as their ERP system… 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.

Instant TIN Matching Solutions and IRS ID.me for 1099 Reporting

Q.  We’re currently using SOVOS for our 1099 reporting, but I’ve noticed that the TIN matching… 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 York Unclaimed Funds Publication Requirements

Q. Can you advise if we are required to put an ad in the newspaper in regards to unclaimed funds… 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.

Recommended Resources for AP Fraud Screening Best Practices

Q. Do you have any recommended sources for industry standards and best practices around AP fraud… 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.

IRS Penalties for Correcting 1099s After Receiving an Updated W-9

Q. We have a few vendors that sent an updated W-9 after 1099s were electronically filed, we need 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.

W-9 Tax Classification for Non-Profit Organizations

Q. For the tax classification of a non-profit organization on the W9, is it ok to check the Other… 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: Settlement Payments Made Directly to Clients

Q. If a settlement payment is paid to the client instead of the attorney, where does that amount go… 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 1042-S Reporting: Separating Income Sources on Itemized Invoices

Q. Should we separate the amounts for Form 1042-S reporting when the sources of income differ… 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 for Local Government Grant Reimbursements

Q. We are a local government, and we have a grant program where we reimburse an individual or an… 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-C Reporting Challenges in Workday

Q. Memorial Healthcare System switched ERPs from Lawson to Workday on 1/1/2024. Our healthcare… 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.

Improving Efficiency in 1042-S Reporting and Withholding

Q. Has anyone used RadiusPoint to process their utility and or telecom invoices? If so, please… 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.

Streamlining 1042-S Reporting and Withholding in AP

Q. From an organization structure and systems perspective, how are organizations managing 1042-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.

Reporting Requirements for Municipality Payments to Residents

Q. I work for a municipality and the city is issuing payment to some residents for sewer backup. Is… 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.

Script for Negotiating Payments

Q. Do you have a script your collections team uses when negotiating payments with customers? Would… 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.

Managing Vendor Form Requests: Strategies for AR and Credit Teams

Q. More and more customers are requiring our company to complete "Vendor Forms" or similar… Read More
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