Today’s reality is that in most organizations, there’s more work than staff to handle that work. So, something ends up getting the short stick. Often that is regulatory compliance. An industry expert notes “Most CFOs aren't concerned about compliance—unless there's an auditor at the door, it's just not a priority for them.” Unfortunately, then it's too late. The fines penalties and aggravation are sure to follow—unless the accounts payable and/or accounting departments are doing their jobs. That's where AP Now comes in.
When it comes to regulatory concerns affecting the accounts payable function, 1099 and 1042 reporting is just the tip of the iceberg. There's a lot more that must be done. If not, the organization could run into trouble with the IRS, various state regulatory bodies, the Department of Justice, the Treasury, and more. Negative publicity, fines, penalties, and in a few cases jail time are some of the fallouts that could result from ignoring these issues. When it comes to these matters the governing bodies have no sense of humor and ignorance is no excuse.
In this session, we'll review what every organization should be doing when it comes to OFAC, FCPA, IRS T&E Rules, Use tax Unclaimed Property, and more. The session will include a quick explanation of each issue along with why these are likely to be issues that should be addressed. It will also contain a checklist of items for each issue showing what every organization should be doing with regard to each matter.
We’ll also take a brief look at the new electronic invoicing mandates that are currently being initiated in a number of other countries. While neither the US nor the UK has adopted this type of mandate, if (or maybe we should say when) they are successful in increasing tax revenues for those adopting them, that could change.
Learning Objectives:
