The 2023 tax season may be over, but that doesn’t always mean your work for this tax year is finished. Mistakes happen. But you might not find out about them until your client walks into your branch office with a tax form received from your financial organization that contains incorrect reporting information.
Read MoreNo one likes to make mistakes. And let’s face it, it can be embarrassing when tax reporting errors are brought to your attention by a client, or even worse, by an IRS agent.
Read MoreIf your organization is like many in the industry, you’ve held off on team training and other onsite visits in recent years. You may have added new team members, but they haven’t been able to experience the face-to-face IRA training that they need.
Maybe it’s time for a refresh for everyone, including your IRA program.
Read MoreFinancial organizations that serve as an IRA trustee or custodian are tasked with many responsibilities to maintain compliance. One of those responsibilities, which can carry hefty penalties if an organization is found to be noncompliant by the IRS, involves federal tax withholding requirements on IRA distributions.
Read MoreIf your financial organization offers inherited IRAs (sometimes called “beneficiary IRAs”), you probably understand how complex the payout rules have become for these types of IRAs in recent years.
Read MoreTax reporting season is around the corner, and now is the time when many financial organizations audit their year-end IRA reporting data to catch and correct errors before tax documents are printed and mailed out.
Read MoreIRA reporting requirements seem to grow more complicated each year. Financial organizations are noticing an uptick in the number of repayment and postponed contribution options on IRS Form 5498. Let us help you avoid any confusion—and unnecessary errors.
Read MoreWith an increase in the number of repayment and postponed contribution options comes an increase in confusion about reporting these contributions on IRS Form 5498. Find out how to avoid the confusion—and any unnecessary errors.
Read More
