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. Our institution is working to remit a payment to a foreign vendor that is organized in Norway. The payment is for software services and will be… Read More
Q. We have a new vendor who is providing "rights/streaming performance services" for our tribal library for $300 and the company is based out of the… Read More
Q. Do I need to issue 1099s to my vendors that are LLCs but file as C- or S-corps? A. (Answered by IOFM's third-party tax experts) If the LLC has… Read More

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