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. Reg 102951-16 contains proposed regulations that would require that all information returns, regardless of type, be taken into account to… Read More
Q. We have a legal settlement paid to 2 individuals and a law firm: Party 1 - was paid $500.00 directly Party 2 - was paid $500.00 directly The law… Read More
Q. After receiving a W-8 BEN-E from a foreign entity with a US TIN, is it possible to request from them a W-9 as well, since foreign addresses can… Read More

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