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. One of our departments issues emergency rent payments on behalf of beneficiaries that are in need of this help. This is for people that are low… Read More
Q. We have an outstanding check that we owe to a vendor. However, the vendor has dissolved the business. They have now asked that we issue the… Read More
Q. I have to submit a correction for zero dollars for a 1099-INT that I submitted in January. Do I send the same form and check the box CORRECTED… Read More

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