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…
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…
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.
The IRS allows a substitute W-9 form and you can make onboarding easier for a vendor by combining your vendor setup form and IRS Form W-9. In this presentation learn how to build a form that collects the data you need in order to add a new vendor or change an existing vendor. Click here…
Below is a sample Welcome Letter for a new vendor. You can download a template of this letter by clicking here. CONTACT NAMEVENDOR NAMEADDRESSCITY, ST ZIP DATEDear [VENDOR COMPANY NAME],Welcome to [YOUR (Buyer) ORGANIZATION NAME]’s vendor roster. We look forward to working with [VENDOR COMPANY NAME]. This letter details important steps to take so that…