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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. We are a general contractor in the middle of a legal dispute where a second-tier subcontractor of ours did not pay prevailing wage to its… Read More
Q. A credit card transaction for registration to a class, held in the U.S. and taught by a U.S. vendor, shows as a foreign transaction. When the… Read More
Q. When our 1099s were issued for the 2022 and 2023 tax years, our TIN number was incorrect. We use the 1099 software and the service bureau handles… Read More
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