Many capable individuals inherit the IRA, HSA, and CESA departments when someone retires. You, as the new IRA coordinator , find that the one day of training at a local workshop was not enough for you to be the administrator of an IRA Department. You realize that you do not know what has happened in the past on the files and have no clue about what is required in the future. In this program, we will focus on the paperwork, reporting, and errors that can occur. We will walk you through how to audit your Individual Retirement Accounts, Health Savings Accounts and Coverdell Education Savings Accounts. Whether you are new at the job or experienced, it may be a good time to review all the paperwork and check the reporting and balance your files. There are many fines and potential liability for accounts that are mishandled and misreported to the IRS.
You will receive audit worksheets, samples of common errors, a compliance calendar and many tools for effectively auditing your IRA, HSA and CESA portfolio. You will also receive a compliance handbook for these accounts.
What you will learn:
- Documents required to open IRAs
- Documents required to close IRA accounts
- All the amendments that should be in your files
- How to establish a "Master File" each year to make amendments, mailings and withholding documentation easier
- Common IRS reporting errors and how to fix them
- How to open each existing file and check it for documentation and reporting
- Withholding requirements and common failures
- Health Savings Account and Coverdell Education Savings Account documentation and why these documents may be slightly different
- The fines, penalties and possible repercussions from errors, omissions and other mistakes in the IRA department
- How to run your calendar to make sure all compliance tasks are accomplished
- How to check your age 70 ½ distributions on IRAs
- How to check excess contributions on Health Savings Accounts
- And much, much . . .more
Who should attend:
IRA Coordinators and Administrators, branch administration, compliance officers, customer service representatives and anyone who opens or checks IRAs, HSAs and CESAs.