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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.

Updating a Vendor Record After a W-9 Change from C Corp to LLC

Q. I have a vendor setup in our system, previous W-9 was a C Corp. We recently received updated… 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 Section 8 Rent Payments: Do Corporate Landlords Qualify for Exemption?

A. We issue rental assistance payments to landlords through our Section 8 program (Housing Choice… 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.

Verifying 501(c)(3) Status When a Vendor Isn’t Listed in IRS Search

Q. Recently, our organization received an IRS Form W-9 with a federal tax classification of "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.

ACH Payment Date Best Practices: Process Date vs. Deposit Date

Q. I would like to get some insight from my peers regarding ACH best business practices. We’ve… 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-NEC Update for 2025: Golden Parachute Payments

Q. I read that a 1099 change for 2025 is that excess golden parachute payments will now be reported… 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.

Backup Withholding and TIN Mismatches: When Is the Payer Liable?

Q. Is backup withholding required if a payee provides a W-9 but the IRS TIN Matching system shows 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 Reimbursements for Continuing Education and CME

Q. How do Advisory Panelists handle reimbursements for continuing education or CME, especially 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.

Cost Comparison: Issuing Payments via Check vs. ACH

Q.  I’d like to know the cost of issuing a check vs issuing a payment via ACH. What are 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.

Reimbursing Personal Clothing Damaged During Business Travel

Q. During business travel, an employee’s dress was damaged by a defective hotel iron. The hotel… 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 Independent Contractor Payments With Child Support Garnishments

Q. In Iowa, we report independent contractors to Health and Human Services, which notifies us 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.

Handling W-9 TIN Mismatches After a CP2100 B-Notice

Q. We received a CP2100 and sent out a B-notice to one of our vendors and they gave us back a W-9.… 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 Settlement Payments to Former Employees: 1099-MISC or 1099-NEC?

Q. We made a settlement payment to a former employee, and their attorney is requesting that 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.

1099 Reporting After ERP Consolidation: Filing Under One Entity

Q. Our company currently files 1099-MISC and 1099-NEC forms under six legal entities, based on… 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.

Paying Coaches for Sponsored Camps: AP or Payroll?

Q. I have a few coaches who participated in a summer camp. An outside entity sponsored the camp and… 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 Fabrication Services vs. Equipment Purchases

Q. We are purchasing Fabrication Services of a Converter Vessel and need to determine if 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.

1099 Reporting for LLC Vendors: When to Request an Updated W-9

Q. After watching the webinar "LLC's & 1099's: What You Need to Know," I have a follow up question.… 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.

Effective AR Strategies for Accelerating Collections Without Hurting Customer Relationships

Q. What messaging, timing, or channel strategies are AR teams finding most effective 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.

Are CP2100/B-Notice Mailings Delayed During a Federal Government Shutdown?

Q. With the Federal Government shut down, does anyone know if CP2100's/B-Notices are being delayed… 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 Accounts Payable Teams Divide Work Among Multiple Specialists?

Q. If you have multiple AP specialists on one team, how is the work typically split? Alphabetically… 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 Credit Card Payments to Foreign Vendors Require 1042 Reporting?

Q. We have two foreign vendors that we work with, but we pay them via credit card. Do we still have… Read More
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