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.

LLC vendor marks S or C corporation on a W-9

Q. If a vendor is an LLC but marks S corporation or C corporation, do we send a 1099? This is 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.

Foreign vendor reporting

Q. If a foreign vendor submits a W-8BEN along with a form 8233 to claim tax exemption status from… 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 for influencers

Q. If we pay influencers for product reviews, can the total value be allocated across the family… 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.

Vacation packages purchased for an auction

Q. We purchased several vacation packages from a company who specializes in this, to be used in 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.

Reportability of interest paid to a corporation

Q. We had to reimburse a vendor for a scholarship they gave us years ago due to not being able 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.

1099 reporting of gift cards given to non-employees

Q. Are there any situations that would make a difference in where to report a gift card amount for… 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 payments made to the wrong vendor

Q. In 2023 my company made payments to the wrong vendor. The vendor will return the funds to 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.

Payments to interpreters at a health clinic

Q. We have interpreters that come and help our providers and patients (outside community members)… 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 land purchase option payment

Q. We made a payment for an option agreement to potentially purchase a property. Is this… 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 responsibility for earned revenue that is not paid out

Q. What is the reporting responsibility if revenue is earned, but not actually paid out? We manage… Read More
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