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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This template is a letter for correspondence to your vendor indicating that the vendor's taxpayer ID did not match to the one on file in the IRS data

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If your organization is the recipient of a proposed penalty notice from the IRS, there are steps you can take to argue that you have reasonable cause… Read More
Q.¬†When setting up a joint payee vendor, whose tax ID number should be used to set up the vendor account for payment? A. (Answered by COKALA Tax… Read More

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