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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. It's my understanding that bank fees and utilities are not 1099 eligible but I don't see anything on the IRS website that confirms that… Read More
Q. We have run across multiple situations with vendors going through a name change (with the TIN remaining the same), and the IRS TIN Matching System… Read More
Q. Our university has a policy whereby a faculty member who takes a sabbatical is required to remain at the university for two years upon their… Read More
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