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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. We have several departments that have been ordering things online with a credit card not realizing they are a foreign vendor. Then we run into the… Read More
Q. We have a supplier with three different W9's. The suppliers legal name is the same on all three, but on each business name line it has a different… Read More
Q. Our organization has received an IRS Form W-9 from a new vendor that has selected the "Individual / Sole Proprietor" checkbox as their federal tax… Read More
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