IRAs - Part 4 - Auditing your IRA Files

Now 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.

If you do not want your credit union writing checks to the IRS for filing errors, this Webinar should be a true necessity!

In the last part of this 4-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
  • How and when to correct IRS reporting to avoid increased IRS fines to the credit union
  • The most common errors hiding in your IRA member files
  • Forms and tools for auditing your IRA files
  • 2020/2021 IRA Cost of Living Adjustments

While attending one part of the Webinar series may help, attending all 4 parts will give you the most comprehensive breakdown of the rules and regulations. Register for the entire event HERE.

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 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.