IRAs Part 4 - Auditing Your IRA Files

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After we have absorbed all the basic rules, it’s time to check everything we – and those who came before us – have done to the IRA files. There are increased IRS Penalties for Incorrect IRA Reporting to the IRS!! The IRS is losing patience – especially with financial institutions who do not complete the IRA 1099-R and 5498 IRS forms correctly. How many mistakes do you think are sitting in your IRA files right now? Do you have signed applications? Are the beneficiaries current? Are distributions being calculated correctly? Have all the required amendments been sent out? The bank examiners and auditors are zeroing in on incorrect IRA files and writing the banks up for the errors. Not to mention the legal problems to the bank if the beneficiary payouts are not done correctly. Whether you have paper IRA files or electronic IRA files, let’s sort out the required ‘stuff’ from the junk.

Covered Topics

  • IRA forms to be kept on record by the financial institution and the accountholder’s required disclosures and forms
  • What are the IRA accountholder notices that must be sent out in a timely manner
  • How to audit the IRA department as far as expertise, form use, procedures and work flow
  • Line by line instructions on 5498 and 1099-R reporting – what’s required vs. what’s optional.
  • How and when to correct IRS reporting to avoid increased IRS fines to the financial institution
  • The most common errors hiding in your IRA customer files
  • Forms and tools for auditing your IRA files
  • 2022 IRA Cost of Living Adjustments

This is part 4 of a 4-part series. You can attend all the sessions to obtain the most comprehensive information or any part in the series independently.

You are encouraged to bring a sample of the IRA forms your financial institution is currently using for your review during the session including: IRA Distribution forms, Annuals Notices and any other forms you may have questions on – including a copy of the 1099-R and 5498 forms you are using

Who Should Attend?

This is very important for those who answer examiners questions and have to do corrective IRS reporting attend – including IRA personnel in New Accounts, CDs, Trust, and Investments, and auditors who are involved with the operation, administration or internal auditing of IRA accounts will benefit greatly from the thorough discussions of the file and reporting requirements. The content is at the intermediate to advanced level with a minimum of two years’ experience recommended. It is assumed that participants have a working knowledge of IRAs.

"I highly recommend this webinar. The presenter was very knowledgeable and easy to understand, provided the information I needed, answered my questions and love the cheat sheets!" -Koni S., Rabobank

"Nice to hear from someone who actually has had hands-on experience with banking day-to-day operations and not just textbook-training." -Kay I.

"I have attended many of Patrice's live seminars, she is a great trainer and is so knowledgeable on the IRA products." -- Rhonda Prasifka, Citizens State Bank