Form 56 F PDF Details

Understanding the intricacies of Form 56-F can be quite an endeavor, yet it serves as a critical tool for maintaining the legal and financial architecture of entities navigating the complexities of fiduciary relationships in the United States, especially for financial institutions. Revised in December 2009 by the Department of the Treasury and the Internal Revenue Service (IRS), this form acts as a notification of a fiduciary relationship concerning financial institutions under specific sections of the Internal Revenue Code. It uniquely caters to banks, thrifts, and similar entities that might find themselves under a conservatorship or receivership, emphasizing the importance of notifying the IRS promptly to ensure compliance and facilitate the correct handling of tax liabilities and refunds. With designated parts requiring detailed identification, a declaration of authority, a comprehensive section on tax notices, and guidelines for the revocation or termination of fiduciary notices, Form 56-F encapsulates critical legal requirements in a structured format. This adherence is not only for the sake of transparency but also for the smooth operation of financial institutions during times of financial distress or reorganization, safeguarding the interests of all parties involved, and ensuring that tax obligations are met accurately and in a timely manner.

QuestionAnswer
Form NameForm 56 F
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namestransferee, site:unclefed.com/IRS-Forms/, form 56 instructions, form 56

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Form 56-F

(Rev. December 2009)

Department of the Treasury Internal Revenue Service

Notice Concerning Fiduciary Relationship

of Financial Institution

(Internal Revenue Code sections 6036, 6402, and 6903)

OMB No. 1545-2159

For IRS Use Only

Part I Identification

1Name of person for whom you are acting (as shown on the tax return)

2Employer identification number

3Address of financial institution (number, street, and room or suite no.)

4City, state, and ZIP code

5Telephone no.

()

6

Check the applicable box for the type of financial institution:

Bank

Thrift

7Check here if the financial institution is insolvent.

8

Enter the ending date of the financial institution’s tax year (mo., day, yr.)

 

 

 

9

Fiduciary’s name

10 Contact person

 

 

 

11Address of fiduciary (number, street, and room or suite no.)

12

City or town, state, and ZIP code

13 Telephone no.

 

 

(

)

 

 

 

 

14Check the applicable box if the fiduciary is a:

 

Receiver

Conservator

 

 

 

 

 

15

Check this box

if the financial institution is or was a member of a group filing a consolidated return and complete lines 16 to 21 below: Lines 16

 

through 21 are to be completed only if the financial institution is or was a member of a group filing a consolidated return.

 

 

 

16

Name of person for whom you are acting (as shown on the tax return)

17 Employer identification number

 

 

 

 

18Address of the common parent (number, street, and room or suite no.)

19City, state, and ZIP code

20Check here if a copy of this form has been sent to the common parent of the group.

21Enter the tax year(s) that the financial institution is or was a member of the consolidated group

Part II

Authority

 

 

22Evidence of fiduciary authority. Check applicable box(es), and attach copy of applicable orders:

a

Appointment of conservator

b

Replacement of conservator

c

Appointment of receiver

d

Order of insolvency

e Other evidence of creation of fiduciary relationship (describe)

Part III Tax Notices

23All notices and other written communications with regard to income, employment, and excise taxes of the financial institution (listed on line 1) will be addressed to the fiduciary. Indicate below if other notices and written communications should be addressed to the fiduciary. Include the type of tax, tax periods or years involved.

Part IV Revocation or Termination of Notice

Section A—Total Revocation or Termination

24Evidence of termination or revocation of fiduciary authority (Check applicable box(es)):

a Certified copy of court order revoking fiduciary authority attached.

b Copy of certificate of dissolution or termination of a business entity attached.

c

Other evidence of termination of fiduciary relationship (describe)

I certify that I have the authority to execute this notice concerning fiduciary relationship on behalf of the taxpayer.

Please

 

 

 

Sign

Fiduciary’s signature

 

 

Here

Title, if applicable

Date

 

For Paperwork Reduction Act Notice, see back of form.

Cat. No. 12784J

Form 56-F (Rev. 12-2009)

Form 56-F (Rev. 12-2009)

Page 2

 

 

General Instructions

SECTION REFERENCES ARE TO THE INTERNAL REVENUE CODE UNLESS OTHERWISE NOTED.

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 which 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, Advisory, Insolvency and Quality (AIQ) Office, of the area office of the IRS having jurisdiction over the person for whom you are acting.

Specific Instructions

Part I—Identification

Lines 1–5. Provide all the requested information concerning the financial institution in this part.

Line 2. Section 6109 requires that the taxpayer’s identification number must be disclosed. The principal purpose is to identify the financial institution for whom you are acting.

Line 7. Check this box if the financial institution is insolvent within the meaning of 12 U.S.C. 191, 12 U.S.C. 1821(c)(5)(A), 12 U.S.C. 1464(d)(2)(A), 12 U.S.C. 1464(d)(2)(C)(i) or any applicable state law (or any successor statute which adopts a substantially similar statute).

Lines 9–13. Provide all the requested information regarding the fiduciary in this part. For example, on line 9 enter the full name of the fiduciary (such as the Federal Deposit Insurance Corporation or similar federal agency).

Line 10. The contact person should be the individual within the federal agency who has the authority to handle all tax matters on behalf of the financial institution.

Lines 16–21. Provide all the requested information in this part concerning the common parent of a consolidated group which includes (or included) the financial institution (if applicable).

If the form is submitted in compliance with the regulations under section 6402(k), the identification number of the common parent should be disclosed.

If the financial institution was a member of more than one consolidated group during any year(s) to which the fiduciary may claim a refund under section 6402(k), then the fiduciary must file a separate Form 56-F providing the information on each parent.

Line 20. Check the box if a copy of the form was sent to the appropriate common parent in compliance with the Regulations section 301.6402-7.

Part II—Authority

Check the appropriate box and attach a copy of the appropriate order.

Part III—Tax Notices

All notices and other written communications with regard to income, employment, and excise taxes of the financial institution will be addressed to the fiduciary, with the exception of notices sent to the common parent under the provisions of Regulations section 1.1502-77. Other notices and written communications will be addressed to the fiduciary only as specified. For example, use this line to identify a transferee tax liability under section 6901.

Part IV—Revocation or Termination of Notice

Complete this part if you are revoking or terminating all prior notices concerning fiduciary relationships on file with the IRS for the same tax matters and years or periods covered by this notice concerning fiduciary relationship.

Signature

Sign Form 56-F and enter the title describing your role as a fiduciary (receiver or conservator).

Paperwork Reduction Act Notice. We ask for the information on the form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.

The time needed to complete and file Form

56-F will vary depending on individual circumstances. The estimated average time is:

Recordkeeping

7 hrs., 39 min.

Learning about the

 

law or the form

47 min.

Preparing the form

57 min.

Copying, assembling,

 

and sending the form

 

to the IRS

0 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making Form 56-F simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating Committee, SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the form to this address. Instead, see WHERE TO FILE on this page.

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3. Throughout this part, review a b c, Certified copy of court order, Please Sign Here, I certify that I have the, Fiduciarys signature, Title if applicable, Date, For Paperwork Reduction Act Notice, Cat No J, and Form F Rev. Each of these need to be taken care of with highest attention to detail.

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