The Internal Revenue Service (IRS) is inviting comments from the public and other federal agencies regarding two forms: Form 56, which relates to fiduciary relationships, and Form 56-F, specific to financial institutions. This request is part of IRS's ongoing effort to lessen paperwork as required by the Paperwork Reduction Act of 1995. Comments on these forms, which help the IRS manage the establishment or changes in fiduciary relationships, are sought to assess their necessity, benefit, and any potential improvements. The forms are necessary for both businesses and individuals, with roughly 174,050 responses expected annually. Comments must be submitted by May 19, 2025.
Simple Explanation
The IRS is asking people to share their thoughts on two forms (Form 56 and Form 56-F) that help keep track of people or companies handling money for someone else. They want to make sure these forms are useful and easy to use, so they're open to ideas on how to make them better.