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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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Latest
Q. A vendor selected the LLC C federal tax classification on their Form W-9, so we didn't issue them a 2024 Form 1099. They just reached out asking… Read More
Q.
Is there are accounting or IRS rule for the booking of the checks escheated?
We have check never cashed, we need to reverse to cancel it.… Read More
Q. If a Non 1099 vendor does not give the W-9 should we withhold the 24% or the withhold is only applicable for 1099 vendors?
A.
(Answered by IOFM's… Read More
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