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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As promised, the IRS is introducing its online filing program for returns, beginning in January 2023. It’s called IRIS (Information Return Intake… Read More
Q. We have a program at work where we are giving out scholarship payments to the applicable college/university for tuition. For one of the… Read More
Q. Is there an IRS requirement as to how often to obtain a new W9 from a vendor (yearly, every 6 months, etc)? A. (Answered by IOFM's third-party… Read More

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