CPE & Events Catalog
Don Farmer's Foreign Trusts & Accounting Method Changes for Forms VIRTUAL
This intermediate-level course provides a focused review of federal reporting requirements related to foreign trusts and accounting method changes. Participants will examine filing obligations associated with Forms 3520 and 3520-A, including ownership, distribution, and reporting triggers. The course also addresses accounting method change procedures, including Form 3115 filing requirements, automatic versus nonautomatic changes, and §481(a) adjustments. Emphasis is placed on reporting mechanics, penalty exposure, procedural compliance, and common filing errors. Practical examples illustrate documentation considerations and IRS scrutiny areas.
Learning Objectives
Upon completion of this course, participants will be able to:
1. Identify reporting requirements and filing triggers for Forms 3520 and 3520-A
2. Distinguish ownership and distribution reporting obligations related to foreign trusts
3. Differentiate automatic and nonautomatic accounting method changes
4. Analyze Form 3115 filing requirements and §481(a) adjustment calculations
5. Recognize compliance risks and penalty exposure associated with foreign trust reporting and accounting method changes
Highlights
This intermediate-level course provides a focused review of federal reporting requirements related to foreign trusts and accounting method changes. Participants will examine filing obligations associated with Forms 3520 and 3520-A, including ownership, distribution, and reporting triggers. The course also addresses accounting method change procedures, including Form 3115 filing requirements, automatic versus nonautomatic changes, and §481(a) adjustments. Emphasis is placed on reporting mechanics, penalty exposure, procedural compliance, and common filing errors. Practical examples illustrate documentation considerations and IRS scrutiny areas.
Field of Study: Taxation
Who Should Attend
CPAs and tax professionals who encounter foreign trust reporting obligations or accounting method change filings and seek a focused review of reporting mechanics, procedural requirements, and compliance risks.
Required Knowledge
Working knowledge of federal income taxation and familiarity with business or fiduciary tax reporting.
