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    IRA Hard-to-Value Assets and Prohibited Transactions

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    The IRS is now requiring financial institutions to correctly report those hard to value assets within an individual’s IRA. Most stocks and other traditional investments are easy to value. The price is determined by the markets or found on a bank statement. But some assets are not so easy to find a value for, and that's a problem if those assets are held in an individual retirement account or other tax-deferred retirement account.

    This is a rebroadcast from March 23, 2017. 

    Overview

    The IRS is now requiring financial institutions to correctly report those hard to value assets within an individual’s IRA. Most stocks and other traditional investments are easy to value. The price is determined by the markets or found on a bank statement. But some assets are not so easy to find a value for, and that's a problem if those assets are held in an individual retirement account or other tax-deferred retirement account.

    The IRS has found that many individuals were undervaluing certain assets to avoid paying taxes so now it has been placed upon the financial institution’s shoulders to get that value correctly reported. Also, we at the financial institution need to make sure that those account holders do not enter into a prohibited transaction. Those penalties for our account holders could be very high. 

    Covered Topics:

    • What is a prohibited transaction
    • What is the penalty for those transactions
    • How do we value those non-traditional assets
    • What will the reporting look like

    Who Should Attend?

    This webinar will benefit all IRA administrators, personal bankers, trust officers, customer service representatives and those selling or discussing these products with their customers or members.

     

    Products specifications
    CE Credits 2.5
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    This is a rebroadcast from March 23, 2017. 

    Overview

    The IRS is now requiring financial institutions to correctly report those hard to value assets within an individual’s IRA. Most stocks and other traditional investments are easy to value. The price is determined by the markets or found on a bank statement. But some assets are not so easy to find a value for, and that's a problem if those assets are held in an individual retirement account or other tax-deferred retirement account.

    The IRS has found that many individuals were undervaluing certain assets to avoid paying taxes so now it has been placed upon the financial institution’s shoulders to get that value correctly reported. Also, we at the financial institution need to make sure that those account holders do not enter into a prohibited transaction. Those penalties for our account holders could be very high. 

    Covered Topics:

    • What is a prohibited transaction
    • What is the penalty for those transactions
    • How do we value those non-traditional assets
    • What will the reporting look like

    Who Should Attend?

    This webinar will benefit all IRA administrators, personal bankers, trust officers, customer service representatives and those selling or discussing these products with their customers or members.

     

    Products specifications
    CE Credits 2.5
    Product tags
    Presenter:

    Christy Crawford

    Christy Crawford is president of Christy Crawford Consulting specializing in the education of banks and credit unions across the nation. Christy is an associate speaker for Gettechnical Inc. As a former trainer for Wal-Mart Corporation, and former V.P. of Gettechnical Inc. she brings her previous 12 years of sales and training experience to your financial institution. She earned a bachelor's degree from Louisiana State University and is BSA/AML certified. Her expertise is in the deposit side of the financial institution and focuses on teller, new accounts, IRAs, HSAs, robbery, security and BSA for the frontline training.