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 flag a vendor as non-reportable

February 16, 2024
February 16, 2024


Q. Most of the time receipt of a W-9, section 3 is not checked. Should we automatically set up and send a 1099? If section 3 is checked, which entities are considered reportable? A. (Answered by IOFM's third-party tax experts) Please see Section 3 of the Master Guide to Form 1099 Compliance which gives you much more information than can be provided in this Q&A format, concerning reportable payees, exempt payees, treatment when no W-9 is furnished or the W-9 is unreliable, and requirements to…

Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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