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. Why does a company need an AP Policy if it has strong procedures? Is it just to put things all in one cohesive document? A. To respond to your… Read More
Q. We have a W-9 on file from a vendor which includes an EIN and it indicates that the federal tax classification is Individual/SP (which may or may… Read More
Q. If the beneficial owner of the payment is a Non-for-Profit organization and the services are provided outside USA, is the form they need to… Read More

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