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Compliance
The IOFM keeps members up to date on best practices for identifying and mitigating regulatory risks related to: 1099/1042s, W-9/W-8, Unclaimed Property, OFAC, Sales & Use Tax, Value Added Tax. The Institute shares peer-tested policies and procedures and supports AP practitioners in their role as the last line of defense against fraud and abuse.
IOFM Members also have asscess to 12 Live Compliance Webinars annually, helping avoid costly delays and fines.
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Are You Being Audited by the IRS?
As we approach 1099 season, it's crucial to have a risk mitigation and communication plan in place to deal with an eventual audit. Learn the five things AP departments need to have nailed down — and the six things the IRS will ask for — if it initiates an audit.
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Q. One of our vendors has recently changed ownership and is now an LLC who files as a partnership. They are a hotel restaurant conglomerate. We rent… Read More
Q. We are gas utility company. We make purchases from gas supply suppliers for storage and delivery. Are these types of services 1099… Read More
Q. There is a new element for 2024 to report "if QI, WFP or WFT is revising its reporting on the 1042-S to report to a specific recipient." It is… Read More
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