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. We pay an LLP Vendor for rental of their copy machines and copy costs over the contracted rate (i.e. B&W or Color Copy Meter #s).  Is this… Read More
Q. I work for a local government. If we sent a payment to a law firm for a closing, do we send them a 1099-MISC, or are they just a pass-through… Read More
Q. We are a teaching hospital and have agreed to pay tuition fees for a few students. We paid the tuition directly to the University on behalf of… Read More

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