South Dakota Form 56 2022-2025

South Dakota Form 56: What You Should Know

South Dakota. February 10, 2018:2 p.m. CST. NOTICE REGARDING FIDUCIARY RELATIONSHIP. I, (SUBJECT PROSPECTIVE) A CERTIFIED PUBLIC ACCOUNTANT, (CERTIFIED PUBLIC ACCOUNTANTS) hereby give notice to the following Taxpayer: NOTE: Notice of Fiduciary Relationship Form 56 For use by tax preparers and auditors only. This form should be used as a supplement to other disclosure for use in situations where a conflict of interest exists between a taxpayer and another person that could subject a taxpayer to criminal or civil tax penalties. It is also a helpful tool for taxpayers attempting to comply with any tax law that relates to conflict of interest. Examples: 1. In all tax returns, where information of any value, real or personal, has been disclosed to any person by a potential taxpayer, the potential taxpayer should disclose the nature or subject of the potential conflict. In this situation, the potential taxpayer should also disclose the potential conflict and the extent to which the potential taxpayer plans to take reasonable steps to prevent the conflict and/or report the potential conflict to a third party agency or entity. 2. Any tax return that has been prepared should always include a list of all potential conflict of interest, including: a. A list of all persons who could or may have a conflict that the taxpayer intends to avoid or report to a third party agency or entity. b. A list of all persons that the potential taxpayer plans to attend and participate in, at any time, at a business or event with any of those persons. 3. The Internal Revenue Service will send a cease and desist letter to the taxpayer if it determines that the disclosure to such person was made with intent to deceive, to avoid IRS examination, or was misleading because of an unreasonable failure to disclose the actual or potential conflict of interest. 4. The taxpayer should not disclose any information regarding a potential conflict that could result in criminal or civil penalties under the laws of a State or the United States. 5. Any potential conflict of interest should be disclosed to the principal officer of the potential business of the potential taxpayer and to all other potential business associates; the principal officer should also report the conflict.

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