IRA Audit and Compliance

This is part of a four-part webinar series on IRAs. To view or purchase the entire series, click here.

The IRS is losing patience - especially with financial institutions that don't complete IRA 1099-R and 5498 IRS forms correctly. The Treasury Inspector General for Tax Administration (TIGTA) estimates over $1,000,000 in additional taxes could be collected on IRA distributions that haven't 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 financial institutions if they file incorrect 1099-R and 5498 reporting. If you don't 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 your 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 your IRA department for 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 your financial institution.
  • The most common errors hiding in your IRA customer files.
  • Forms and tools for auditing your IRA files.
  • 2015 IRA Cost of Living Adjustments.

Who Should Attend?

IRA personnel in New Accounts, CDs, Trust, and Investments, and auditors involved with the operation, administration or internal auditing of IRA accounts. Intermediate-to-advanced level, with a minimum of two years' experience recommended. It is assumed participants have a working knowledge of IRAs.

You are encouraged to bring a sample of the IRA forms your financial institution uses for your review during the session, including: IRA Distribution forms, Annuals Notices and any other forms you may have questions about - including a copy of the 1099-R and 5498 forms you use.

"I highly recommend this webinar.  The presenter was very knowledeable and easy to understand, provided the information I needed, answered my questions and love the cheat sheets!" -Koni S., Rabobank

"Nice to hear from someone who actually has had hands-on experience with banking day-to-day operations and not just textbook-training." -Kay I.,