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.

Best practices for reporting foreign credit card transactions

Q. Our organization has a vast commercial card program that allows end users to purchase 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.

IRS Notice 2024-2026

Q. For 2024, will IRS Notice 2024-26 apply? Will it be required to file 1042-S electronically and… 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.

Submitting multiple 1099 files to the IRS

Q. Can a company send multiple 1099 files (not forms) to the IRS, or must they all be combined 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.

OK to include the DBA name on a 1099?

Q. Can we include the DBA name on the legal entity's 1099? 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.

1099 reporting for expenses paid to an interview candidate

Q. We are reimbursing a candidate for their unsubstantiated travel expenses as a lump sum. If they… 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 garnishment payments made to a law firm

Q. Our Payroll department received a debt garnishment notice from a law firm that acts as a debt… 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 California backup withholding also be reported on a 1099-MISC?

Q. Could you give me some guidance on using the state boxes on Form 1099-MISC? We report… 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 reportability of a settlement to a reinstated employee

Q. Is the settlement paid to a reinstated employee 1099 reportable? A. (Answered by IOFM'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.

Company name change and EIN issue

Q. We have a vendor that we haven't yet paid. We learned their name changed and they are now an LLC… 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 a lump sum payment to subcontractors' employees

Q. We are a general contractor in the middle of a legal dispute where a second-tier subcontractor… Read More
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