IRAs: Auditing Your Files

Part 4 of the IRA Series

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. 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!! Whether you maintain paper files for your members, electronic scanned records – or both, these clarifications will greatly reduce your paperwork and clean up the mess!

Covered Topics

IRA forms to be kept on record by the credit union 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, forms 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

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 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.