Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution.

Forms and Documents

Document	Type	Status	Availability
Form 56-F Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution.	Form	New	Available
Expiration Explanation.rtf	Supplementary Document	Uploaded 2009-10-26	Repair queued
Supporting Statement for Form 56-F.pdf	Supporting Statement A	Uploaded 2009-10-26	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
191118	Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution.	Form	New

ICR Details

OMB Control No: 1545-2159	ICR Reference No: 200910-1545-027
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Requested response by 11/18/09
Title: Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution.
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 11/18/2009
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/16/2009
	Date Received in OIRA: 10/28/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2010	6 Months From Approved
Responses	106	0	0
Time Burden (Hours)	997	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Due to the adverse economic conditions for banks and other financial institutions the use of and need for this form has increased from 1 (or less) a year to 20 so far in 2009. The forms are necessary to notify the IRS of a fiduciary relationship between the FDIC (or other federal agency) and a financial institution. The IRS needs this information so that letters and notices of tax liability are sent to the fiduciary now in charge of the financial institution.

Emergency Justfication: 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.

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Authorizing Statute(s): US Code: 26 USC 6402 Name of Law: Authority to make credits or refunds.
   US Code: 26 USC 6903 Name of Law: Notice of feduciary relationship.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution.	56-F	Notice Concerning Feduciary Relationship of Financial Institution

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	106	0	0	106	0	0
Annual Time Burden (Hours)	997	0	0	997	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Form 56-F 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. This form has had an entremely limited respondent population (fewer than 5), and never meet the requirements as outlined in 5 CFR 1320.3(c). However, due to the down-turn in the economy, many more banks, thrifts, and financial institutions have now become potential filers of this form. These failing institutions in 2009 as opposed to the number failing in previous years has created a new potential respondent population, requiring the need for OMB approval. Many more institutions' fiduciaries have had to notify the IRS of their address.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 10/28/2009

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