IRA's Part 4 - How to Audit Your IRA Files Webinar

Now it’€™s time to check everything we ‘€“ and those who came before us ‘€“ have done to the IRA files. 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. The Treasury Inspector General for Tax Administration (TIGTA) estimates over a million dollars in additional taxes could be collected on IRA distributions that have not been taken. When the IRS actually contacted IRA accountholders who were noncompliant in taking their RMDs in 2011-2012, they discovered almost 16% indicated the information on their 5498 from their IRA custodian/trustee was incorrect. Do you know what that means? The IRS is increasing penalties to the financial institutions if they file incorrect 1099-R and 5498 reporting. If you do not want your financial institution writing checks to the IRS for filing errors, this Webinar should be a true necessity!!

In the last part of this four-part series, we will discuss how to clean out those paper folders and what to scan in if you have electronic imaging. You will be provided with a list of the most common errors to look for as well as come IRA Audit Worksheets to help expedite your audit.

Covered Topics

  • 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
  • 2020 IRA Cost of Living Adjustments

This is part four of a four-part series. While attending one part of the webinar series may help, attending all four parts will give you the most comprehensive breakdown of the rules and regulations.

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.

Continuing Education (CE) Credits

This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

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Related Topics

Instructor

Patrice Konarik
Patrice Konarik

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Patr... read more.

Course TitleCreditsStart DateStart TimeDelivery TypeDelivery OptionInstructor / LocationPrice
IRA's Part 4- How to Audit Your IRA files1 Any AnyWebinarSix Month On-Demand Recording Patrice Konarik$295.00 Register Now
IRA's Part 4- How to Audit Your IRA files1 Any AnyWebinarCD-ROM Video Recording Patrice Konarik$345.00 Register Now
Delivery Options

LIVE WEBINAR:
INCLUDES 7 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!

SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The weblink will be available to you (and anyone else in the company) for up to six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.

CD-ROM VIDEO:
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.

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