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.

Threshold for submitting a corrected 1099-NEC

Q. Is there a threshold for submitting a corrected 1099-NEC? We have a vendor in reconciling his… 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.

Fees paid to a payment settlement company

Q. We have credit card machines to accept payments through a payment settlement company. We do not… 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.

Wording on 1099 envelopes mailed to recipients

Q. Is the phrase "IMPORTANT TAX RETURN DOCUMENT ENCLOSED" required on the envelopes for mailing… 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 a candidate travel reimbursement?

Q. If we reimbursed a potential job candidate for travel to interview, is that 1099-NEC… 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 medical services are 1099 reportable?

Q. The company that I will be processing 1099s for is a diagnostic laboratory. Please help me 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.

1099s submitted to IRIS system "received with errors"

Q. It's my first time submitting 1099-NECs into the IRIS portal. Had a difficult time connecting… 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 exemptions for corporations

Q. I wanted to confirm for yearly software agreements and medical payments is there a corporation… 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.

Vendor requesting a corrected 1099

Q. We just issued a 1099-NEC to a vendor using the information provided on his W-9 at the time 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.

Dollar amount for a paid-off loan reported on a 1098

Q. We issue 1098 for mortgage loans with the government. The recipient pays off the loan in June 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 reporting of board member's contribution to deferred compensation plan

Q. We have a board member who has elected to have her full 2024 compensation to go to the company's… Read More
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