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Answers to Your AP Questions
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Accounts payable professionals are bombarded by questions every day. Are these payments 1099 reportable? Which state should we remit uncashed checks to? Do we treat this travel reimbursement as income to the employee?
If you have AP questions you cannot answer, turn to the experts. Membership to The Accounts Payable Network includes access to the site's powerful Ask the Expert service. Why worry about finding the answer when you can have TAPN's panel of subject matter experts do it for you?
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| Patrick Harbin – Editor
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Reporting Settlement Payments |
A member recently asked about reporting settlement payments on a 1099-MISC. Should they send one to the claimant and to the claimant's attorney? What amounts should they report to each? Are attorney's fees reportable?
The answer depends on several factors. Most importantly, who are the payees listed on the check? Your reporting liability differs depending on whether the claimant, attorney, or both are on the check.
In addition, specific types of damages are exempt from reporting. Settlements for back wages are taxable, while damages for physical injury are not.
For the full answer, see AP Answers: Settlement Payments.
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Ask the Expert |
Membership to TAPN includes access to a full library of AP questions and answers, as well as access to the Ask the Expert feature, where you can submit your own questions.
See Benefits of Membership for more on how TAPN can make your job easier.
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Just for Fun! |
Appreciating a beautiful work of art is perhaps one of the last truly human activities we have left in this increasingly modernized world. Well, not anymore. See Can a Computer Tell Good Art From Bad?.
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