Instructions For Form 5227 (Page 2 of 12) in pdf

Other Forms You May Have To File

Where To File

You may also be required to file one or more of the

File Form 5227 at the following address:

following forms.

Internal Revenue Service Center

•

Form 56, Notice Concerning Fiduciary Relationship.

Ogden, UT 84201-0027

•

Form 1041, U.S. Income Tax Return for Estates and

Private delivery services (PDSs). In addition to the

Trusts.

•

United States mail, exempt organizations can use certain

Form 1041-A, U.S. Information Return —Trust

private delivery services designated by the IRS to meet

Accumulation of Charitable Amounts.

•

the “timely mailing as timely filing/paying” rule for tax

Form 1041-ES, Estimated Income Tax for Estates and

returns and payments. These private delivery services

Trusts.

•

include only the following.

Form 4720, Return of Certain Excise Taxes Under

•

DHL Express (DHL): DHL Same Day Service, DHL

Chapters 41 and 42 of the Internal Revenue Code.

•

Next Day 10:30 am, DHL Next Day 12:00 pm, DHL Next

Form 8275, Disclosure Statement. Use this form to

Day 3:00 pm, and DHL 2nd Day Service.

disclose items or positions (except those contrary to a

•

Federal Express (FedEx): FedEx Priority Overnight,

regulation —see Form 8275-R, below) that are not

FedEx Standard Overnight, FedEx 2Day, FedEx

otherwise adequately disclosed on the tax return. The

International Priority, and FedEx International First.

disclosure is made to avoid parts of the accuracy-related

•

United Parcel Service (UPS): UPS Next Day Air, UPS

penalty for disregard of rules or substantial

Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air

understatement of tax. Form 8275 is also used for

A.M., UPS Worldwide Express Plus, and UPS Worldwide

disclosures relating to preparer penalties for

Express.

understatements due to unrealistic positions or for willful

The private delivery service can tell you how to get

or reckless conduct.

•

written proof of the mailing date.

Form 8275-R, Regulation Disclosure Statement. Use

this form to disclose any item on a tax return for which a

Trust Instrument

position has been taken that is contrary to Treasury

regulations.

When you file the first return for a charitable remainder

•

Form 8822, Change of Address.

annuity trust or unitrust, include:

•

Form 8868, Application for Extension of Time To File

1. A copy of the trust instrument, and

an Exempt Organization Return.

2. A written declaration under penalties of perjury that

•

Form 8870, Information Return for Transfers

it is a true and complete copy.

Associated With Certain Personal Benefit Contracts.

For sample forms of trusts that meet the requirements

You can order forms and publications by calling

of a charitable remainder unitrust, see Rev. Procs.

1-800-TAX-FORM (1-800-829-3676). You can also get

2005-52 through 2005-59, 2005-34 I.R.B. 326, 339, 353,

most forms and publications at your local IRS office or

367, 383, 392, 402, and 412.

online at

For sample forms of a trust that meet the requirements

Period To Be Covered by Return

of a charitable remainder annuity trust, see Rev. Procs.

2003-53 through 2003-60, 2003-2 C.B. 230, 236, 242,

File Form 5227 for each calendar year. This revision of

249, 257, 262, 268, and 274.

the form is for the 2006 calendar year.

Rounding Off to Whole Dollars

Accounting Methods

You may round off cents to whole dollars on your return

Trust income must be computed using the method of

and schedules. If you do round dollars, you must round

accounting regularly used in keeping the trust’s books

all amounts. To round, drop amounts under 50 cents and

and records. Generally, permissible methods include the

increase amounts from 50 to 99 cents to the next dollar.

cash method, the accrual method, or any other method

For example, $1.39 becomes $1 and $2.50 becomes $3.

authorized by the Internal Revenue Code. The method

If you have to add two or more amounts to figure the

used must clearly reflect income.

amount to enter on a line, include cents when adding the

Unless otherwise allowed by law, the trust may not

amounts and round off only the total.

change the accounting method used to report income (for

Attachments

income as a whole or for any material item) without first

getting consent on Form 3115, Application for Change in

If you need more space, attach separate sheets showing

Accounting Method. See Pub. 538, Accounting Periods

the same information in the same order as on the printed

and Methods, for more details.

form. Show the totals on the printed form.

Enter the trust’s name and employer identification

When To File

number on each sheet. Also, use sheets that are the

File Form 5227 for calendar year 2006 by April 17, 2007.

same size as the forms and indicate clearly the line of the

printed form to which the information relates.

Extension of Time To File

Use Form 8868 to request an automatic 3-month

Specific Instructions

extension of time to file. The request for an automatic

extension must be filed by the due date of the return.

After receiving an automatic 3-month extension, you can

Identification Area

also use Form 8868 to apply for an additional (not

automatic) 3-month extension. The request for an

If you received a Form 5227 from the IRS with a peel-off

additional 3-month extension must be filed by the

label, attach the label to the name and address area of

extended due date of the return.

the return. If the name or address on the label is wrong,

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Instructions For Form 5227 Page 2

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