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 fresh water purchased from land owners considered 'goods' and exempt from 1099 reporting? A. (Answered by a 3rd party, independent advisory… Read More
Q. Now that the new form 1099-NEC is being implemented, we received information that the IRS will no longer forward the information to the… Read More
Q. Does the IOFM website have a resource that would provide a state matrix or listing of the 1099-MISC and 1099-NEC reporting requirements for each… Read More

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