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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.
Featured Content
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 are a U.S. company located in the U.S. We have hired a Canadian consulting company (a Canada corp) to provide consulting services to our… Read More
Q. If an employee is reimbursed for payments made for their personal income tax return, is that considered reportable income?
A.
(Answered by IOFM's… Read More
Q. How do we update our organization's 1099 filing authority in the FIRE and IRIS systems? The person who could manage this in the past is no longer… Read More
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