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.

Should we 1099-report a deposit that was later returned?

Q. I paid a 1099 vendor in early 2023 as a deposit for some work to be completed. That work was 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.

Dues paid to a foreign entity

Q. Are dues paid to a foreign entity tax reportable? If so, how is this reported on 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.

Best practice for disregarded entities

Q. Some of our suppliers note "disregarded entity" on their W-9 forms. I understood in your 1099… 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 to a social club without a W-9

Q. My company received an invoice from the informal group (social club) which is not registered… 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 list both the owner's name and the business's name?

Q. We have a payment to a sole proprietor. The W-9 listed the owner's name and the business name.… 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 reporting for cloud-based software

Q. When utilizing cloud-based software or databases with a 1099-reportable vendor, which state 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.

State reporting for 1099-MISC counseling services

Q. We are paying an employee benefit company to offer online counseling to our university'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.

Is software required to run hardware 1099 reportable?

Q. We paid a vendor for network firewall hardware and software. The vendor is a limited liability… 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.

Can an entity have more than one tax ID?

Q. Is it possible for an entity to be assigned more than one Federal Tax ID? We have received 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.

Who issues the 1099, the claims management company or the client company?

Q. My company, "ABC" (a claims management firm), issues payments on the behalf of our client… Read More
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