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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. I have received a W-9 with a TIN ending in the letter K. I have never received this type of TIN before. Please explain what this represents and… Read More
Q. We sent a vendor a 1099-NEC, but they should not have received one as their classification/TIN number changed early in 2024 and the payment would… Read More
Q. Looking to determine if 1099 reporting would be required for a scenario we're encountering. We have a family trust getting setup as a supplier in… Read More
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