If I check that I have a change in fiduciary on Form 1041 do I also need to check change in fiduciary address?
Change in Fiduciary and Address Reporting on IRS Form 1041
When there is a change in fiduciary for a trust or estate, it is important to notify the IRS of this change. The fiduciary of a trust or estate is responsible for filing IRS Form 1041, U.S. Income Tax Return for Estates and Trusts. This form is used to report the income, deductions, gains, losses, etc., of the estate or trust, as well as to distribute income to beneficiaries.
Reporting a Change in Fiduciary
1. When a new fiduciary takes over, they must inform the IRS of the change.
2. This is typically done by filing Form 56, Notice Concerning Fiduciary Relationship, to notify the IRS of the creation or termination of a fiduciary relationship.
Reporting a Change in Address
1. If the change in fiduciary also involves a change in the address of the fiduciary, this should be reported to the IRS.
2. The address for the fiduciary is relevant for correspondence regarding the trust or estate's tax matters.
3. The change of address can be reported on Form 8822, Change of Address, or, in some cases, it can be indicated directly on the tax return being filed.
Conclusion
While the provided information chunks from the Internal Revenue Bulletins do not directly address the specifics of reporting a change in fiduciary or address on Form 1041, it is standard procedure to keep the IRS informed of any changes in fiduciary status or contact information to ensure proper administration of the trust or estate's tax obligations. If there is a change in fiduciary and that change includes a new address, it is prudent to report both the change in fiduciary and the change in address to the IRS to maintain clear lines of communication.
Internal Revenue Bulletin: 2023-40 2023-10-01
Internal Revenue Bulletin: 2023-17 2023-04-23
Internal Revenue Bulletin: 2019-01 2019-01-01
Internal Revenue Bulletin: 2014-41 2014-10-05
Internal Revenue Bulletin: 2013-15 2013-04-07
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Disclaimer: the information provided does not, and is not intended to, constitute legal advice. Generative AI systems can make mistakes. Verify all important information.
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