Form 56 is used to inform the IRS that a person in acting for another person in a fiduciary capacity so that the IRS may mail tax notices to the fiduciary concerning the person for whom he/she is acting. The data is used to ensure that the fiduciary relationship is established or terminated and to mail or discontinue mailing designated tax notices to the fiduciary.
The filing of Form 56-F by a fiduciary (FDIC or other federal agency acting as a receiver or conservator of a failed financial institution (bank or thrift) gives the IRS the necessary information to submit send letters, notices, and notices of tax liability to the federal fiduciary now in charge of the financial institution rather than sending the notice, etc. to the institution's last known address.
US Code:
26 USC 6903
Name of Law: Notice of fiduciary relationship
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
US Code:
26 USC 6036
Name of Law: Notice of qualification as executor or receiver
US Code:
26 USC 6402
Name of Law: Authority to make credits and return
US Code:
26 USC 6903
Name of Law: Notice of Fiduciary Relationship
A new Part II was added: Revocation or Notice of Termination, which includes new lines 7, 8, and 9. These new lines allow taxpayers a way to notify the service of termination or revocation as required by Treas. reg. 1.6903-1; restores the termination election boxes that were removed in error in the 2011 revision. - Line 7 check box is used to notify the service of a complete termination of revocation of the fiduciary relationship. Lines 7 a, b, and c check boxes are included to indicate the reason for the termination or revocation; Line 8a check box is added to notify the service of a partial revocation of the fiduciary relationship. Line 8b is a line available to provide who will be granted the fiduciary authority over the matters revoked by the partial revocation, and Line 9 check box is available to indicate a substitute fiduciary will be taking over. The following line is used to indicate the name and contact information of the substitute fiduciary. These changes will result in a program change increase of 56,827 hours.
We also combined Form 56-F with Form 56. These two forms are both related to Fiduciary Relationships. However, Form 56-F will also be used if that relationship is with respect to a financial institution. This will result in an adjustment increase of 159 hours.
$5,693
No
No
No
No
No
Uncollected
Charles Mangrum 202 317-5755
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 56-F Form 56-F
Sup Stmnt Form 56 and 56-F.doc
Form 56-F