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.

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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. I have just realized (in late May) that I missed reporting 1099 payments ... these were small amounts paid to multiple companies. Would I want… Read More
Q. (cont.) An EIN was given. The tax classification indicates Individual/SP/SMLLC. Is it correct to list the LLC on line 1 with the EIN, or should an… Read More
It depends.  If the vendor is a U.S. person, it is subject to the standard Form 1099 rules.  If the vendor is a non-U.S. person, reportable… Read More