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.

Withholding for shipping and installation payment on foreign equipment

Q. We are a heavy civil construction company that is buying some gates and hoists that will 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.

1099 reporting to a residuary trust

Q. A W-9 received is in the name of a residuary trust and they checked trust/estate box in 3a 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.

Proper 1099 reporting name

Q. My company received a W-9 form with the vendor legal name which is an individual name, DBA… 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 self-directed IRA

Q. We make monthly rental payments to a self-directed IRA account. The account name TIN matches 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.

Reporting backup withholding on a 1099

Q. Does the 24% backup withholding get recorded anywhere on the 1099? If so, what box does it go… 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 TIN-matching for foreign entity?

Q. Can the Foreign TIN be confirmed through IRS TIN Matching? Additionally, are Foreign Entities… 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 political contributions

Q. Are political contributions reportable? 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.

Adding a DBA name when filing with IRIS

Q. For the IRIS 1099 .csv file, when you are reporting a 1099 for an individual with a DBA, what… 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.

Is an IRIS TCC necessary if only using the IRS FIRE system?

Q. We currently transmit a 1099 electronic file through IRS FIRE System. Do we also need to get an… 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.

Withholding on payment to Hong Kong vendor

Q. We have a vendor that we have a royalty agreement with (use of trademark on product). I am… Read More
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