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?

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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. Is 1099-K reporting required for payees with a tax reportable class only? Or do payments to corporations, for example, also need to be… Read More
Q. We handle the owner's personal finances as well as the business's. On the owner's personal “company/database,” he has a few notes payable to… Read More
Q. Do storage payments need to go on a 1099-MISC? Or are they reported on a non-employee compensation form? A. (Answered by IOFM's third-party tax… Read More

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