Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmeper...
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmeper...
Subscribe to our RU-vid channel: / @teachmepersonalfinanc...
Purpose of Form
Use Form 56-F to notify the IRS of a fiduciary
relationship only if that relationship is with
respect to a financial institution (such as a
bank or a thrift). Until you notify the IRS of the
fiduciary relationship, notices of tax liability
sent to the last known address of the
taxpayer, or transferee, subject to liability are
considered sufficient compliance by the IRS
with the requirements of the Internal Revenue
Code. However, if the financial institution is a
member of a consolidated group, the
provisions of Regulations section 1.1502-77
apply to the extent not modified by section
6402(k) and Regulations section 301.6402-7.
In addition, the filing of Form 56-F is a
requirement to secure a refund pursuant to
section 6402(k) and Regulations section
301.6402-7.
Section 6036 and Regulations section
301.6036-1 state that a notice is required of a
receiver in proceedings other than
bankruptcy, and other like fiduciaries. Section
6402(k) and Regulations section 301.6402-7
state that a fiduciary of an insolvent financial
institution must file Form 56-F to secure its
position with respect to any refund that may
be available to a consolidated group.
Section 6903 and Regulations section
301.6903-1 state that every person acting in a
fiduciary capacity must file a written notice
with the IRS.
Who Should File
Form 56-F should be filed instead of Form 56,
Notice Concerning Fiduciary Relationship, by
the federal agency acting as a fiduciary
(defined below) in order to notify the IRS of
the creation, termination, or change in status
of a fiduciary relationship with a financial
institution.
Definition
Fiduciary. A fiduciary means the Federal
Deposit Insurance Corporation, or other
federal agency authorized by law to act as a
receiver or conservator of a financial
institution. The term also includes any federal
instrumentality, subsidiary, or agency that is a
predecessor or successor of this agency that
is so authorized.
When To File
Form 56-F must be filed with the IRS within
10 days from the date the fiduciary is
appointed to act as a receiver or conservator.
In addition, it should be filed in every
subsequent tax year that the fiduciary
continues to act as the receiver or
conservator for that financial institution for
purposes of section 6402(k).
If a Form 56-F has been filed for a solvent
financial institution by the fiduciary and
subsequently that financial institution
becomes insolvent, the fiduciary should file a
new Form 56-F and check the box on line 7.
Note: A fiduciary (defined above), who was
appointed a fiduciary of a financial institution
prior to the issuance of Form 56-F and who
still is a fiduciary for the same financial
institution, should file Form 56-F with the IRS
as soon as possible.
A fiduciary (defined above), who may have
previously filed Form 56 for a financial
institution, and is still acting as a fiduciary for
the same institution, should file a new Form
56-F as soon as possible.
Where To File
For purposes of section 6402(k) and section
6903, send Form 56-F to the Internal Revenue
Service Center where the financial institution
for whom the fiduciary is acting files its
income tax return.
For purposes of section 6036, send Form
56-F to the Advisory Group Manager of the
area office of the IRS having jurisdiction over
the person for whom you are acting. See Pub.
4235, Collection Advisory Offices Contact
Information, for more information.
20 авг 2024
