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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 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
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 Payments Made to a Trust or Estate Reportable on a 1099?

Q. This is from a donor property which has 20% going to a trust and the rest to the University. My… 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 Handle a W-9 Showing Two Different EINs for a C Corporation

Q. What does it mean and how should I handle a W9 that has an EIN next to the DBA name 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.

Do Political Donations to Section 527 Organizations Require a 1099-MISC?

Q. We are about to make a donation to a political party. I am uncertain whether this donation… 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 the Difference Between 1099-MISC Box 3 and Box 7

Q. What is the difference between 1099-MISC Box 3 and Box 7? 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.

What to Do if a Vendor Checks Box 3B on a W-9 Form

Q. What additional information do I need to ask a vendor if they check Box 3B on a W9? A. (Answered… 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 Handle 1099 Reporting After an Acquisition When Payments Were Made Under Multiple TINs

Q. My company acquired another subsidiary company before January 1, 2025. However, the subsidiary… 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.

Trust/Estate 1099 Reportability Exemptions

Q. Recently, our institution received an IRS Form W-9 from a new supplier with the "Trust/estate"… 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 is work typically split among your AP team?

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.

How is work typically split among your AR team?

Q: How is work typically split among your AR team? - A: (Answered by a member of IOFM'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.

How Can AI Be Used Effectively in Accounts Payable?

Q. Do you have any recommendations for AI use in the Accounts Payable field? Where would be a good… 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 Responsibility for Middleman Payments

Q. We issue agriculture loans and lines of credit. Our client hires a construction company to do… 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 Guidance: Citizenship vs. Permanent Address

Q. On an IRS Form W-8BEN, should the "Country of Citizenship" field match the country of permanent… 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 International Speakers: W-9 vs. W-8 Requirements

Q. We need to pay a speaker. They are not from the US but traveled to the US for their speaking… 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 1099-S with State or Local Tax Departments

Q. I do not see any specific reference that this form has been removed. Does this imply that Copy B… 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.

Which AR Metrics Are Most Predictive for Cash Forecasting?

Q. Which AR metrics do you find are most predictive for cash forecasting? Which customer behaviors… 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 Calculating Invoice Payment Terms

Q. Are there Best practices for calculating payment terms based upon receipt of valid invoice vs.… 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 Refund Payments to a Deceased Resident’s Estate

Q. We are a nursing home industry and pay refunds to our residents for overpayments of stay and/or… Read More
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