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.

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Are You Being Audited by the IRS?

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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 are a California company. In California we accrue sales tax from out of state vendors and forward it to the state of California. Some out of… Read More
Q. We received an expense report request for the purchase of a gift card from Jos A Bank in the amount of $2000 to purchase uniforms/suits which… Read More
Q. Should the name on the 1099 misc be first name first or last name first? Should periods be included in the name? A. We received an answer to… Read More

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