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.

Reporting of a property loan

Q. We (accounts payable for the company I work for) have made a payment to a 'vendor' that 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.

Reporting a payment for an easement

Q. Does a payment to an individual for a real estate easement need to be reported? If so, which… 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.

Parent company has a different EIN that the one we do business with

Q. The owner of a company we do business with is a holdings corporation (C corporation) with an EIN… 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.

W-8s and credit card payments

Q. I have a few questions regarding W-8/1042 reporting and credit card payments. If possible, could… 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 a 1099 be issued to an S-corp for a pass-through payment?

Q. We received an inquiry from a vendor we paid in 2023. They are an S Corporation so we did 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.

Students and trainees article of the U.S. income tax treaty

Q. Our university is working with a foreign payee (entity - corporation) from whom we are… 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.

W-8IMY and 1099 or 1042-S reporting

Q. We are contracting with a US entity, when I asked for a W-9, they sent a W-8IMY showing the… 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 providing software access and cloud storage

Q. If a Canadian vendor is providing a three-year software membership for access to a classroom and… Read More

1099 reporting of customer refunds

Q. If we issue a refund to a customer are we required to send them a 1099, assuming the refund 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.

Is a 501(c)(3) organization receiving medical payments 1099 reportable?

Q. I have a 501(c)(3) organization that is receiving many medical payments for services rendered… Read More
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