Don Farmer's Foreign Trusts & Accounting Method Changes for Forms (2 hours - morning) - Webcast

Overview

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.

Highlights

• Overview of foreign trust reporting framework
• Form 3520 reporting requirements
  • Transfers to foreign trusts
  • Ownership and distribution reporting
• Form 3520-A filing obligations and related disclosures
• Penalty provisions and documentation considerations
• Overview of accounting method change procedures
• Form 3115 filing mechanics
  • Automatic versus nonautomatic method changes
  • §481(a) adjustment principles
• Common compliance errors and IRS examination focus areas

Designed For

CPAs and tax professionals

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