New Manuals

We now offer two easy reference/training manuals to help employees in your bank or financial institution find answers quickly and easily.

1. A Real World Desktop Manual for IRA Procedures

bullet Manuals are easy to understand.

bullet Incorporate your vendors IRA forms.

bullet Each chapter summarizes each step to complete the IRA procedure.

bullet Most comprehensive IRA seminar manual on the market today.

bullet Manuals are updated January 1 and September 1 of each year.

2. A Guide to IRA Reporting and Compliance

Order your manuals now.




















Why Have an IRA Audit?

Our current audit schedule is listed at the bottom of this page. Here are five good reasons to have an IRA internal audit.

Reason #1:
IRA Rules are
Constantly Changing
Keeping current on IRA compliance requirements is a full time job. Unfortunately, many banks do not have a full-time IRA specialist on staff and even if they did, it would be easy to miss one or more of the numerous IRA changes that have happened over the years. Wouldn’t it be nice to have a person who specializes in IRA compliance (and is not from the IRS) come into your operations and discreetly identify potential compliance issues just to set your mind at ease?
Reason #2:
Compliance Violations Can Result in IRS Penalties
Many IRA penalties are assessed per violation on a flat-fee basis and others, such as failures to properly withhold on IRA distributions, can switch responsibility to pay the income tax withholding from the IRA holder to the financial organization. The longer a compliance error goes on, the more penalties accumulate. The key to minimizing such losses is to catch compliance problems early. That is why our IRA internal audits focus on the high exposure IRA compliance areas such as:
  • Documents, amendments, and disclosures
  • Withholding
  • Reporting
  • Corrections
  • Required minimum IRA distributions
Reason #3:
Customers Hate
Letters from the IRS
IRA business is often lucrative due to large balance accounts that experience fewer transactions than other types of accounts. Furthermore, it is difficult to win new IRA business, so it pays to keep you customers happy. One thing that does not make customers happy is receiving an "information letter" from the IRS. Our internal audits will look for ways to help you find reporting problems that could trigger internal audit issues for your customers and help to keep them right where they are.
Reason #4:
Beneficiary Distribution Compliance: Turn a Disillusioned Beneficiary into a New Customer
Beneficiary IRA distribution is the area in which banks have the biggest concern and statistically the most errors. Mishandling of beneficiary designations and IRA distributions can result in assets being paid to the wrong beneficiary or in beneficiaries ending up with less favorable beneficiary distribution options. Problems in this area can culminate in expensive lawsuits and, in the worse case scenario, may end up with your organization having to reimburse a rightful beneficiary for assets paid to the wrong beneficiary. Our internal audit will review how your organization handles beneficiary distributions and give you a full report of its findings.
Reason #5:
Our Reports are Information in More Ways than One
Our reports will not only give you a snapshot of your current IRA compliance environment, but will provide you with background information about where to fine more information about problem areas and will provide IRS Code and Regulation Cites as appropriate to help you do further research if you so desire.