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.

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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. Can I still issue a corrected 1099-MISC for error type 1 for tax year 2018? A. (Answered by COKALA Tax Information Reporting Solutions, LLC, a… Read More
Q. Is a W-8 BENE or what W-8 series form is needed (If any) for a payment to an individual receiving a settlement? Is it 1042-S reportable? The… Read More
Q. We are a county and were given funds from a conservatorship, which we now need to release.The conservator had reached out to see if any there was… Read More

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