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

Forms and Documents

Document Name	Status
Form 56-F Form 56-F Form and Instruction	New
Form 56 Form 56, Notice Concerning Fiduciary Relationship / Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution Form	Modified
Sup Stmnt Form 56 and 56-F.doc Supporting Statement A	2015-05-27

IC Document Collections

IC ID	Document Title	Status
216670	Form 56-F Form and Instruction	New
16737	Form 56, Notice Concerning Fiduciary Relationship / Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution Form	Modified

ICR Details

OMB Control No: 1545-0013	ICR Reference No: 201504-1545-008
Status: Historical Active	Previous ICR Reference No: 201203-1545-008
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 56, Notice Concerning Fiduciary Relationship / Form 56-F, Notice Concerning Fiduciary Relationship of Financial Institution
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/09/2015
	Date Received in OIRA: 05/29/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2018	36 Months From Approved	11/30/2015
Responses	174,050	0	173,944
Time Burden (Hours)	349,786	0	292,800
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): 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
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 13074	03/12/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 30763	05/29/2015
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

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

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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	174,050	173,944	0	0	106	0
Annual Time Burden (Hours)	349,786	292,800	0	56,827	159	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: 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.

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Annual Cost to Federal Government: $5,693

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 05/29/2015

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