Additional resources on compliance issues in Vendor Information Management
U.S. organizations that issue payments of U.S. source income to U.S. or foreign payees are required to solicit and obtain valid certification of the payee’s TIN, name, residency and status, as per IRS regulations. According to Linda Foertschbeck, CEO of IRS Compliance and payment reporting expert, “Each payer is required by the IRS and many state tax…
If you are mystified by your company’s compliance responsibilities related to sanctions, there is help. In 2019 the Department of Treasury’s Office of Foreign Assets Control (OFAC) published new guidance on how to create a framework for an effective sanctions-compliance program. It can help you comply. And if you should inadvertently run afoul of the…
Are you a gambler? Do you look forward to a conference in Las Vegas so you can get in a little action? How about when it comes to compliance with IRS regulations? No doubt it would be a thrill not to hear from the IRS if you veer outside of the lanes of IRS compliance. But what…
Want to save time, work and potential penalties? First, get your vendors’ tax ID numbers (TINs) and tax classifications upfront. Then validate those TINs. Way back in 2003, the IRS introduced TIN matching. The IRS TIN Matching Program allows organizations to validate vendor TINs in advance of payment reporting. Any organization can register and use…
On November 25, 2019, Apple Inc. entered an agreement with the U.S. Department of Treasury to pay a civil penalty of $466,912. The fine is to settle the technology giant’s violations of the Foreign Narcotics Kingpin Sanctions resulting from its interactions with a Slovenian company SIS and its owner Savo Stjepanovic, both on the SDN list. How…
Threats to businesses abound, and given that accounts payable issues payments, it is a prime target for criminal perpetrators of all kinds. In addition to preventing myriad fraud schemes, AP must also ensure information protection and avoid unwitting payments to sanctioned entities. This, of course, involves compliance with the U.S. Treasury Department’s Office of Foreign…
As she crossed the company parking lot early one morning, the director of shared services saw them. Men in black. Two of them. As she neared the building entrance, they approached and addressed her by name. She was afraid this day would come, and it finally had. They flashed their federal credentials, and she welcomed…
You know W-8s expire, right? Here’s help tracking your foreign vendors’ W-8x forms’ expiration dates so you know when to collect updated forms and remain in compliance with IRS rules. Click here to view or download the presentation slides. Click here for the IRS W-8 Expiration Template.