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News Briefs;
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Dishonest employees cost U.S. organizations an estimated $994 billion a year in occupational fraud losses. The average company loses 7 percent of its annual revenues to this type of fraud, according to the 2008 Report to the Nation on Occupational Fraud & Abuse, from the Association of Certified Fraud Examiners (ACFE). Occupational fraud that affects AP includes creating phony invoices, tampering with checks, and padding expense reports.
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All payments made to nonresident aliens must be reported to the Internal Revenue Service (IRS). Plus, the payments are subject to federal income tax withholding unless they are specifically exempt. The reporting and withholding rules can be complicated, but a basic knowledge of the forms you need to fill out can help cut through some of the confusion.
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One of those horrible words every AP manager hates to hear is "audit." It means extra work and some young hotshot going through things with a fine-tooth comb, looking for something wrong. AP can be subject to government audits from the Internal Revenue Service and state revenue departments, and you may also undergo internal audits and audits by outside accounting firms. Here are some tips on what to do and what not to do during an audit.
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IOMA’s newly revised 2008 version of the Complete Guide to Accounts Payable Best Practices says that the best defense against check fraud is to use "payee positive pay." Close Snippit | Read Article
2010
