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.

Invoices by out of state vendor for equipment upkeep

Q. We are in California and are being billed by out of state vendor for their IT services agreement… 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.

Tax reporting for foreign vendors performing work outside the U.S.

Q. I am seeing conflicting information online and need clarification. Are U.S. companies required… 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.

Canadian contractor with both an SSN and a foreign tax ID

Q. We have a professional contractor how lives in Canada and provides phone consultations on 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.

Missed deadline to reapply for FIRE TCC

Q. We did not apply for the new code by the August deadline and the link to IR-TCC to apply 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.

State filiing of 1099s when work is performed in multiple states

Q. We have corporate offices in Denver, Fargo, and Minneapolis. We have additional branch offices… 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 reporting on 1099s

Q. Are settlement claims exempt from 1099 reporting if the vendor receiving the settlement is an S… 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-C, Forgiveness of Debt

Q. I have two questions regarding 1099-C, Forgiveness of Debt; 1. From an IRS point of view, is 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.

Which version of 1099-MISC to use?

Q. Should we use the 'Rev. January 2024' or the 'January 2022' version of the 1099-MISC to file 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.

Are $10 food vouchers 1099-reportable?

Q. If an organization is wanting to provide food vouchers would this be 1099 reportable? A group 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.

What should be included on a 1099 for rent payments?

Q. I work for a bank with quite a few branches that we rent. I am trying to get some clarification… Read More
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