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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. For a disregarded single-member LLC, we sometimes receive a W-9 using the owner’s name but an EIN rather than the owner’s SSN, and IRS TIN… Read More
Q. Does the $2,000 threshold apply to political donations on the 1099-MISC Box 3?
A.
(Answered by IOFM's third-party tax expert)
Most political… Read More
Q. What if a payee returned part of a payment within the same tax year it was issued? Would the final reported amount for that tax year need to be… Read More
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