Okay, for this video, I wanted to cover the IRS Form 56, which is titled Notice Concerning Fiduciary Relationship. This form can be filed in a number of different circumstances. However, in this video, I wanted to cover one of the more common ones, where an individual is deceased and their sibling, child, or another person is responsible for serving as the executor of their estate. They are ultimately responsible for filing the final tax returns, either the final 1040 or Form 1041 if there is a trust left over. In this particular scenario, we have John Q Taxpayer as the deceased individual, and Jane D Smith, his daughter, as the fiduciary for his estate. Now, let's go through the form and discuss the key elements and sections that need to be completed. Additionally, we will address which parts can be left blank given this specific situation. At the top of the form, we have John Q Taxpayer, the person for whom you are acting as the representative. Since John is deceased, we are filing this on behalf of Jane. If the individual listed on Line 1 is deceased, you would need to provide the decedent's social security number (SSN) in this section. Therefore, John's SSN would be listed here. In cases where you are filing on behalf of someone who is not deceased but has diminished capacity or is unable to manage their own affairs, you would list their name here along with their tax ID number in the standard ID number field. If you are dealing with a bankruptcy estate, you would include the entity name and the corresponding bankruptcy tax ID or the bankruptcy estate's tax ID. For all other occurrences where you need to file this form, you simply list their SSN or tax ID in the ID number...
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Us Tax Form 56 Notice Concerning Fiduciary Relationship: What You Should Know
Enter a name and EIN. Do not include references to the entity for which the fiduciary is acting. If you wish to specify the address of the person, business or entity for whom you are acting, complete the form as if you had provided the address, as follows: If you receive a Form 56, File for Fiduciary Rights (or Form 1531) from a Federal, State or Local government agency or authority, use your own information on a separate Form 56, and enter the details about that form as shown in your IRB notice. If you receive an IRS notice, complete and file the notice as follows: Your Name and Address (if different from your filing name), Your TIN (if different from your TIN on File 3), Your Form Number or IRS Tax ID if your notice requests a form number, and the TIN, date of birth, and name of person, business or entity for whom you are acting. If there are multiple fiduciaries, you should submit a form that lists the fiduciary responsible for each one. If this is the case, see the instructions for Forms 5595, 6055 and 6510, or check with the person responsible for the account under which this is being received. Note: If you file Form 56 to notify the IRS of the creation of a fiduciary relationship, for purposes of determining whether it meets the filing requirements specified in section 6329(b)(1), see section 3.3 of Pub. 15. Note: Any information you provide on Form 56 is subject to the Electronic Filing System Privacy Statement (see IR-2015-10, Q&A 13). Form 52, Fiduciary Liability Release, as used in this notice: Form 52, File for Fiduciary Rights. This notice provides notice of the taxpayer's intention to release its fiduciary relationships to a person or entity, in whole or in part. The notice was filed and is filed as a document and is therefore a U.S. Government record. Notice Concerning Fiduciary Relationship (PDF, 1.38 MB) IR-2016-13 (June 5, 2016) is a revised version of Notice Concerning Fiduciary Relationship. See IR-2016-13 (Sept. 19, 2016), (IR-2016-13, Q&A 31). Notice Concerning Fiduciary Relationship (PDF, 2.
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