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IRAs Part 4: Auditing Your Files

Attend this program to understand what must be kept in the files, and learn how to avoid IRS penalties for incorrect IRA reporting. 

OnDemand
Recorded Friday,
October 22nd, 2021
Presented by Patrice Konarik
1h 30m total length
2 CEU Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • IRAs
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Teller
  • Trainer

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Part 4 of the IRA Series

After we have absorbed all the basic rules, 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. How many mistakes do you think are sitting in your IRA files right now? Do you have signed applications? Are the beneficiaries current? Are distributions being calculated correctly? Have all the required amendments been sent out? The examiners and auditors are zeroing in on incorrect IRA files and writing the credit unions up for the errors. Not to mention the legal problems to the credit union if the beneficiary payouts are not done correctly. Whether you have paper IRA files or electronic IRA files, let’s sort out the required ‘stuff’ from the junk.

What You'll Learn

  • 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 credit union • The most common errors hiding in your IRA member files
  • Forms and tools for auditing your IRA files
  • 2022 IRA Cost of Living Adjustments

This is part four 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.

Learn caption

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.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and is located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area and after 28 years on the road providing live training nationwide, is now concentrating on providing informational IRA and HSA Webinars through OnCourse Learning / www.BankWebinars.com. She has a BS in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner Designation for 23 years.

Continuing Education Credit Information

Recommended for 2 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.

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