(1) Top 10 IRA Issues: Compliance, Reporting, Death, and Distributions
With regards to IRAs, your account holders or members are often unfamiliar with reporting requirements, the various types of distributions, the rules at death, the IRA penalties (and exceptions thereof!), the procedures for requesting extensions…. as well as many other IRA issues!
Your institution needs to attend this webinar because IRA reporting requirements are constantly changing and your FI is responsible for understanding and complying with the newest reporting rules. If reporting is done improperly, your bank or credit union could cause an undue tax event or penalty for your account holder or member.
(2) Boost Your IRA Knowledge Base: Plan Types, Forms, Updates, & More!
If you have just started with IRAs or want a good review of IRA fundamentals, this is the program for you. This session will prepare you to open, move, and close IRAs-- and get all the paperwork right in the process. If you have been afraid of IRAs or simply lack basic knowledge on the topic, this webinar will get you excited and motivated to become the IRA expert at your organization.
(3) Roth IRA Conversions, Recharacterizations, Rollovers, & Transfers: Understanding Requirements & Avoiding Errors
Moving funds around seems to get everyone in an uproar. Sometimes the check is not written correctly or the coding is not done correctly. This IRA program is designed for those who work with account holders to move IRA funds around. So many errors occur in this area of the financial institution which can cost you or your account holder money and hassle.
This webinar is designed for new accounts specialists and IRA administrators to help your institution “get it right” when an accountholder is moving money to/from your institution. This detailed program will take each type of movement and walk you right through how it should be done.
(4) IRA Hard-to-Value Assets and Prohibited Transactions
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.