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years you must file the tax form for

Revenue law. Copies of the filed tax

Where To File

similarly organized entities

returns should also be kept as part of

If the REMIC’s principal business,

(corporations, partnerships, trusts, etc.).

the REMIC’s records. See Pub. 583,

office, or agency is located in the

Starting a Business and Keeping

United States, then file the return at:

When To File

Records, for more information.

Department of the Treasury, Internal

Generally, REMICs must file the 2009

Revenue Service Center, Ogden, UT

Final Return

Form 1066 by April 15, 2010. However,

84201-0007.

If the REMIC ceases to exist during the

if the entity will file its final return in

If the REMIC’s principal business,

year, check the box on Form 1066,

2009, Form 1066 is due by the 15th

office, or agency is located in a foreign

page 1, item D(1).

day of the 4th month following the date

country or U.S. possession, then file

the REMIC ceased to exist.

The box on Schedule Q (Form

the return at: Internal Revenue Service

1066), item E(1) should also be

If you need more time to file a

Center, P.O. box 409101, Ogden, UT

checked to indicate when the schedule

REMIC return, get Form 7004,

84409.

is for the final quarter of the year.

Application for Automatic Extension of

Accounting Method

Time To File Certain Business Income

Amended Return

Tax, Information, and Other Returns, to

A REMIC must compute its taxable

If the REMIC files its return and later

request an automatic 6-month

income (or net loss) using the accrual

becomes aware of changes it must

extension. You must file Form 7004 by

method of accounting. See section

make to income, deductions, etc., the

the regular due date of the REMIC

860C(b).

REMIC should then file an amended:

return.

Under the accrual method, an

•

Form 1066 and check the box on

amount is includible in income when:

Period Covered

page 1, item D(4); and

•

1. All the events have occurred that

Schedule Q (Form 1066), for each

File the 2009 return for:

fix the right to receive the income,

residual interest holder, and check the

1. Calendar year 2009;

which is the earliest of the date:

box at item E(2). Give corrected

2. Short tax years beginning and

Schedules Q (Form 1066) to each

a. The required performance takes

ending in 2009; or

residual interest holder.

place,

3. Short tax years beginning and

b. Payment is due, or

ending in 2010, if the 2010 Form 1066

If a REMIC does not meet the

c. Payment is received and

is not available by the time the REMIC

small REMIC exception under

2. The amount can be determined

is required to file its return. However,

sections 860F(e) and 6231, and

CAUTION

with reasonable accuracy.

the REMIC must show its 2010 tax year

related regulations, or makes the

on the 2009 Form 1066 and incorporate

election described in section

See Regulations section 1.451-1(a)

any tax law changes that are effective

6231(a)(1)(B)(ii) not to be treated as a

for details.

for tax years beginning after December

small REMIC, the amended return will

Generally, an accrual basis taxpayer

31, 2009.

be a request for administrative

can deduct accrued expenses in the tax

adjustment, and Form 8082, Notice of

year when:

Inconsistent Treatment or

•

In the case of 2 or 3 above, fill

All events that determine the liability

Administrative Adjustment Request

in the tax year space at the top

have occurred,

(AAR), must be filed by the Tax Matters

•

of the form.

CAUTION

The amount of the liability can be

Person. See sections 860F(e) and 6227

figured with reasonable accuracy, and

for more information.

•

Private Delivery Services

Economic performance takes place

If the REMIC’s federal return is

with respect to the expense.

REMICs can use certain private

changed for any reason, it may affect

delivery services designated by the IRS

There are exceptions to the

its state return. This would include

to meet the “timely mailing as timely

economic performance rule for certain

changes made as a result of an

filing/paying” rule for tax returns and

items, including recurring expenses.

examination of the REMIC return by the

payments. These private delivery

See section 461(h) and the related

IRS. Contact the state tax agency

services include only the following.

regulations for the rules for determining

where the state return is filed for more

•

when economic performance takes

DHL Express (DHL): DHL Same Day

information.

place.

Service, DHL Next Day 10:30 am, DHL

Assembling the Return

Next Day 12:00 pm, DHL Next Day

Rounding Off to Whole

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

If you need more space to report items

Dollars

•

Federal Express (FedEx): FedEx

shown on the forms or schedules,

The REMIC may round off cents to

Priority Overnight, FedEx Standard

attach separate sheets reporting the

whole dollars on its returns and

Overnight, FedEx 2Day, FedEx

items. Use the same size and format as

schedules. If the REMIC does round to

International Priority, and FedEx

on the printed forms. But show the

whole dollars, it must round all

International First.

totals on the printed forms. Be sure to

•

amounts. To round, drop amounts

United Parcel Service (UPS): UPS

put the REMIC’s name and employer

under 50 cents and increase amounts

Next Day Air, UPS Next Day Air Saver,

identification number (EIN) on each

from 50 to 99 cents to the next dollar

UPS 2nd Day Air, UPS 2nd Day Air

sheet.

(for example, $1.39 becomes $1 and

A.M., UPS Worldwide Express Plus,

You must complete every applicable

$2.50 becomes $3).

and UPS Worldwide Express.

entry space on Form 1066. If you

If two or more amounts must be

The private delivery service can tell

attach statements, do not write “See

added to figure the amount on a line,

you how to get written proof of the

Attached” instead of completing the

include cents when adding the amounts

mailing date.

entry spaces on this form.

and round off only the total.

Private delivery services cannot

Other Forms and Returns

Recordkeeping

deliver items to P.O. boxes. You

That May Be Required

must use the U.S. Postal

The REMIC records must be kept as

CAUTION

Service to mail any item to an IRS P.O.

long as their contents may be material

Form 1096, Annual Summary and

box address.

in the administration of any Internal

Transmittal of U.S. Information

-2-

Instructions For Form 1066 - U.s. Real Estate Mortgage Investment Conduit (Remic) Income Tax Return - 2009 Page 2

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