Part IV - IRA Audit of Files - What do we keep and what can we trash?
As we journey back towards the base camp, 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!!
Topics Will Include:
- 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
- 2018 IRA Cost of Living Adjustments
This is Part IV of a four-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 Part IV of the four-part series and it 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.
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.
Instructor
Patrice M. Konarik is president of Sunwest Training Corp. founded almost 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 30 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs on a nationwide basis.
She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on this complicated topic. Patrice is very approachable and encourages attendees to ask questions during the Webinars.