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.


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


Patrice M. Konarik is president of Sunwest Training Corp. founded over 20 years ago near San Antonio, Texas. With over 30 years experience in the financial industry, Patrice brings expertise in the areas of retirement and new accounts, and provides live training and webinars on these topics nationwide. Many state banking associations and other organizations use her as their main source for training on these complicated subjects.

Patrice earned a BS in Management Science from New York’s Binghamton University. Her upbeat personality and banking experience facilitate interaction and questions during training sessions.

Credit Information

Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits


Live Webinar which includes 7 Day On-Demand  - $265
Six Month On-Demand – $295
Live plus Six Month On-Demand – $365
CD-ROM (Includes Six Month On-Demand) – $325
Premier (Includes all options) – $395
Additional Locations – $75               


Online: Click here.

Phone: Call Total Training Solutions at (800) 831-0678

Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.