Meeting News - October 2011 (Plain Text Version)

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Important Finance Action Items for IEEE Conference Organizers

To help protect IEEE financial interests, the IEEE Conference Finance Services team is seeking the assistance of all organizers involved with currently open conferences. The Finance Services Team has three major priorities for the fourth quarter of 2011 and beyond:

    1. Timely Closure of All Financially-Sponsored Conferences - IEEE policy requires all financially sponsored conferences to submit all documents and close within six months of the conference’s conclusion.  The Finance team hopes to work with all conference organizers to ensure that all required documents are submitted and that all conferences are closed as efficiently as possible.
    2. Updated Financial Information - To report the most up-to-date and accurate financial information possible—particularly for year-end reporting—the Conference Finance Services team requests an updated financial forecast from all conferences prior to the end of the year.
    3. Submission of 1099/1042 Reportable Payments for Tax Compliance -  To comply with regulations imposed on companies doing business in the United States, IEEE must report payments made to individuals that would be classified as income (expense reimbursements should not be included). 
      • Conferences taking place in the US should report all such payments made to US citizens and resident aliens (1099) and non-US persons (1042). 
      • Conferences taking place outside the US should report payments made to US citizens and resident aliens only. 

    All conferences should submit updated 1099/1042 payments by the year end. IEEE is subject to penalties if payments are not submitted on time.

    The IEEE Conference Finance Services Team is eager to assist organizers in reaching these goals.  If you have any questions about what is required or how to submit it, please contact IEEE Conference Finance Services at conference-finance@ieee.org or at 732-562-3878. [return to top]