How to Audit Your IRA Files

Mike Morley
Oct 30, 2020 - 01:00 PM EST
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Now it’s time to check everything we – and those who came before us – have done to the IRA files. 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. 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!!

In the last part of this four-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

·       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

This is part four of a four-part series. While attending one part of the webinar series may help, attending all four parts will give you the most comprehensive breakdown of the rules and regulations.

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.

Roles

· Branch Manager

· Compliance Officer

· Customer Service Representative

· Deposit Operations Manager/Specialist

· Internal Auditor

· New Accounts Representative

· Trainer

· Private Banker

· Teller

· Trust Officer

Webinar Events
Attend Live Webinar
Oct 30, 2020 - 01:00 PM EST

Duration: 60 Minutes

Single Attendee


Group of 3 to 5 +1 Thumb Drive or 5 online Recorded version


Group of 6 to 10 +1 Thumb Drive or 10 online Recorded version


Training CD-DVD

Physical CD-DVD of recorded session will be despatched after 72 hrs on completion of payment


Recorded video

Recorded video session



Speaker: Mike Morley,

A Certified Public Accountant, business author Mike Morley is an entertaining and informative speaker and a recognized authority in the field of finance. Mike offers various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals. Many Fortune 500 companies take advantage of his training programs to bring their staff up to speed so that everyone understands what their responsibilities are. Mike is the author of several books, including: “IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS. “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements. “Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate


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