An industry expert notes “Most CFO's 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 and penalties and aggravation are sure to follow—unless the accounts payable and/or accounting departments are doing their jobs.
When it comes to regulatory concerns affecting the accounts payable function, 1099 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, 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 senses 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, ACA, IRS T&E Rules, Use tax and 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.
Who Should AttendAccountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, disbursement managers, payment professionals, payroll professionals and procure-to-pay professionals.
Instructional MethodGroup: Internet-based
NASBA Field of Study
Accounting (2 hours)