Accounts Payable

1099 / 1042-S

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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.

Reporting unpaid wages from a settlement to former employees

Q. We have some former employees, that will be receiving unpaid wages from a settlement. It is 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.

Underwriting insurance company as 1099 payor

Q. Does the payor on a 1099 have to be the underwriting Insurance company or can it be the actual… 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.

1042 withholding on royalty payments

Q. We have a vendor that we have a royalty agreement with (use of trademark on product). In reading… 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-reportable charges to an LLC partnership

Q. One of our vendors has recently changed ownership and is now an LLC who files as a partnership.… 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.

Reportability of storage and delivery charges

Q. We are gas utility company. We make purchases from gas supply suppliers for storage 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.

Publication 1187

Q. There is a new element for 2024 to report "if QI, WFP or WFT is revising its reporting on 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.

IRS threshold for Third Party Settlement Organizations

Q. Please confirm the IRS reporting threshold for TPSOs for tax year 2024. There was discussion 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.

1099-reportable software services

Q. Would software service be reportable on a 1099 and if so, which MISC code? Would it be… 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 of lien payments paid to a third-party creditor

Q. We just received a letter from a company letting us know that they have become the power 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.

1099-MISC box 14

Q. Should I use 1099-MISC box 14 for payment for legal services? A. (Answered by IOFM's third-party… Read More
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