Description
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.
* Overview of foreign trust reporting framework
* Form 3520 reporting requirements
o Transfers to foreign trusts
o 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
o Automatic versus nonautomatic method changes
o §481(a) adjustment principles
* Common compliance errors and IRS examination focus areas
Objective
Upon completion of this course, participants will be able to: * Identify reporting requirements and filing triggers for Forms 3520 and 3520-A * Distinguish ownership and distribution reporting obligations related to foreign trusts * Differentiate automatic and nonautomatic accounting method changes * Analyze Form 3115 filing requirements and §481(a) adjustment calculations * Recognize compliance risks and penalty exposure associated with foreign trust reporting and accounting method changes
Advanced Preparation
None
Required Knowledge
Working knowledge of federal income taxation and familiarity with business or fiduciary tax reporting.
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.
Credit Types
- CPE – Taxes
Registration Fees
| Registration | Type | Price |
|---|---|---|
| WF001526: Registration – Member | Mem | $89 |
| WF001526: Registration – Non-Member | NM | $109 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.