IRA Reporting to the IRS - Getting it Right! 2024 | Michigan Bankers Association | 6 February 2024 | Webinar

"It's ALL about the reporting" - I say hundreds of times a year when asked about policy and procedures on IRAs. Sometimes we fail to connect the frontline transactions to the end result, and therefore how it reports to the IRS. If we don't understand the transaction descriptions when we are coding an IRA transaction, there's a good chance it won't report correctly to the IRS - sometimes resulting in a letter and bill issued to the customer.

Whether you are using debit and credit transaction tickets with a "tran code" or using a drop-down menu in the platform system, it's easy to get confused about which 'code' or 'description' to use in order to process the transaction correctly. Many times your choices do not match the descriptions on the vendor forms. What you need to remember is that whatever box you check on your forms, and/or transaction description you use in your system will determine how it reports to the IRS.

One of the biggest sources of bills coming from the IRS to IRA customers is an incorrectly reported IRA transaction. During this informative 2-hour Webinar, we will discuss the correlation between the frontline transaction choices and how they affect IRS reporting. There will also be suggestions on preventing and correcting the errors before they are mailed to the customer or submitted to the IRS. And, most importantly, how do we correct the reporting after it is submitted to the IRS and the customer gets that dreaded letter and bill?

Who Should Attend
Any employee on the frontline who is tasked with completing IRA forms, including CSRs and Tellers, should attend this webinar. In addition, those on the back-office side in Operations and Auditing would also benefit from being able to identify errors before the IRS reporting is submitted.

2024 Speaker

Patrice M Konarik
President, Sunwest Training Corp