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Course Details

IRA Audit and Compliance

ira-audit-and-compliance
Webinar: ID# 1037144
Recorded CD or On-Demand
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About This Course:
IRA Audit of Files - What do we keep and what can we trash?

After we have shut down the IRA merry-go-round, it's time to check everything we – and those who came before us – have done to the IRA files. IRS Penalties for Incorrect IRA Reporting are increasing!

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!What You'll Learn:
  • 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
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IRA Audit and Compliance
Available on CD or On-Demand formats
Qty:
Course Details
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