BY Diane L. Yetter, Karen Anderson, Jon Casher, Marianne Couch, William King, Pam Miller, Elaine Stattler
Closing the tax gaps is now the top priority of Congress, the IRS, and state and local governments. Tackling this problem has resulted in the enactment of changes to IRS Form 1099, sales and use taxes, and unclaimed property rules. Penalties and fines have been increased for errors, failures to report, and non-compliance. Accounts payable is often responsible for ensuring that these laws and regulations are complied with and that appropriate controls and reporting are in place. Many of the laws and rules in these areas are complex and subject to interpretation, and because of this, compliance is often low. To help you deal with this compliance overload and avoid penalties and fines, IOMA’s Institute of Finance & Management (IOFM) introduces this handbook that will arm you with information to improve compliance through better awareness, through better understanding of the key issues, and through roadmaps to compliance. In addition, this concise resource includes the key information you need to oversee, manage, and comply with the many complex and rapidly escalating rules and regulations; gives you the latest AP rules all in one convenient reference source; helps you avoid costly fines, or extra audits; keeps you current of major rules that you could easily miss, and; provides you with critical info that should be passed along to senior finance managers and to your staff.
