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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.
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?
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 received a W-9 in 2023 from a supplier. The business name was a company, and the S corporation box was marked. They also provided an employer… Read More
Q. If an existing employee is getting a stipend for a scholarship program paid by the company, do they report their stipend on a W-2, or do they need… Read More
Q. We have a question about responsibility for issuing a corrected 1099. The supplier was issued a 1099 in 2022 for a stipend, and in 2023 they paid… Read More
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