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.

1099 reporting of combined credit card payments and check payments exceeding $600

Q. We have a vendor whose total amount paid was over $600. About half of that was paid by credit… 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 equipment rental

Q. Our organization has a lease agreement with a vendor for solar panels on our buildings in… 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.

Settlement payment to Medicare

Q. I have several settlement payments and one of the payees is MEDICARE. Is that 1099 reportable 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.

Insurance payments made to a partnership

Q. We make annual payments to a partnership Insurance Company throughout the course of the year 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.

College paying for a student's childcare expenses

Q. If the college is paying a vendor for a student's child's childcare, do we add to their… 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.

Student reimbursements

Q. We reimburse students for childcare, fuel and books. They send in their receipts for the items.… 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.

Tenant payments for leasehold improvements

Q. We made a payment to our commerical landlord for leasehold improvement they were to make. Is… 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.

Subrogation payments

Q. Are insurance subrogation payments 1099 reportable? Is there any element of reportable income,… 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.

Should we issue 1099s to medical students for stipends?

Q. Medical fellows (students) were given a stipend for books, travel, equipment , etc. for 2023. 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.

Dedication deed

Q. Would a dedication deed be considered a purchase of land? Which 1099 form should be… Read More
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