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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.
Featured Content
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. Does the address on the 1099 matter to the IRS?
A.
(Answered by IOFM's third-party tax expert)
No. While of course every effort should be made to… Read More
Q. We have 4H kids that particpate in the County Fair. When they sell their livestock, we send them a 1099-MISC, box 3. This year, we are charging a… Read More
Q. Our company paid a beneficiary in 2022, reported in 2023 as 1099-MISC. It has now been brought to the current accounts payable supervisor that the… Read More
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