The majority of U.S. Organizations issue payments of reportable income in the course of their trade or business.

There are many factors that you must be knowledgeable of to be thorough and execute payments that are compliant with the regulations set forth by the IRS. Demonstrating your expertise in the area of compliant processing of miscellaneous payments – is invaluable to your employer and your career. Get CMISC certified to receive the training you need and to validate your knowledge.

Ongoing education offered by IRS Compliance retains your accreditation and keeps you up to date on the ever changing regulations. With the ever changing Federal and State Legislative Regulatory Requirements, the financial risks for any U.S. Organization that is not knowledgeable and the staff and business areas prepared to comply with complex regulations could face significant financial risk and the possibility that you may be required to make a public disclosure of the areas where your company is not compliant and the associated liability risk for penalties, withholding and interest.

► The most common forms of payment are:
  • Non-employee compensation (Contractors and providers, Legal Services, Medical Services)
  • Honorariums
  • Fees
  • Commissions
  • Rents
  • Royalties
  • Attorney Settlements
  • Awards and Prizes
  • Consignment Resale
  • And more…

The IRS has newsletters, bulletins and notices of new and proposed legislation to ensure that all U.S. companies have access to the information, have time to prepare and implement requirements. Your Organization is required to be knowledgeable and ensure that the regulations that apply to the issuance of payments and withholding.  Therefore, ignorance of the regulations is not an acceptable defense. It is your company’s responsibility to stay educated, knowledgeable and implement any changes or processes necessary to comply.