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Course/Product Description
Title:

IRA Audit and Compliance

SKU:WC-1027565
Date / Time: Recorded
Format: Webinar
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Description:

IRA Audit and Compliance

How to Audit your IRA Accounts

As we journey back towards earth, 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 “must attend”!!

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
  • 2018 IRA Cost of Living Adjustments
Who Should Attend

This is Part IV of the four-part IRA 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.

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.

About the Presenter

Patrice M. Konarik is president of Sunwest Training Corp. founded over 20 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 30 years’ experience in the financial industry, Patrice has focused her expertise on the retirement and new account areas and is currently providing live training and Webinars on these subjects 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 these complicated topics.

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

Licenses / Designations / Educational Credits:CEU
All US States: 2.5
All Canadian Provinces: 2.5
About The Provider: Since 1983 Total Training Solutions has produced dozens of videotapes, CD-Roms, DVD's and web-based training modules. In addition to off-the-shelf products, Total Training Solutions also develops custom training products and consults with financial institutions to develop their own training curriculum.

For timely delivery of training topics, webinars or web conferencing is an unbeatable option. We now offer over 100 live programs per year and you can even purchase the recorded or ondemand session if you are unable to attend the live program.

We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry.

Webinar Descriptions:

Live Session:
Attend the live session with the opportunity to ask questions to the presenter. You also receive a link to the handouts. All registrations for a live event will be given access to the OnDemand recording, at no additional cost, for seven days following the event. This will allow a flexible alternative when last minute conflicts intrude on scheduled events.

Recorded CD:
CD-Rom includes audio and video of recorded webinar plus hard copy handouts. You will also receive 6 months access to the OnDemand weblink as an added free bonus.

OnDemand:
Includes a weblink for unlimited viewing for 6 months after the date of the webinar as well as a link to handouts.

Live + Recorded:
Includes all three options above. Live session, OnDemand Weblink, and CD-Rom plus Hardcopy Handouts.

Live + OnDemand:
Includes two of the options above. Live session and 6 months access to OnDemand Weblink plus link to handouts.
More Info: Contact Us For More Information
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