Form 5227 for 2006 Delayed

Form 5227 for 2006 Delayed

News story posted in Compliance on 22 January 2007| comments
audience: National Publication | last updated: 18 May 2011


The IRS has stated informally that Form 5227 for the 2006 tax year will not be released until the first week of February at the earliest. Trustees may desire to notify trust income beneficiaries of the delay.

Full Text:

During an informal conversation between Ted Batson of Renaissance, Inc. and a representative of the IRS division responsible for Form 5227, Split-Interest Trust Information Return, the representative stated the form will not be released until the first week of February at the earliest and perhaps as late as the middle of the month.

A subsequent inquiry by Renaissance to one major tax preparation software vendor revealed they have tentatively scheduled the form for release on February 27--assuming no further delays in release by the IRS.

This news is important to any trustee of a charitable remainder trust, charitable lead trust, or pooled income fund because the delay will prevent non-exempt income recipients from completing their individual income tax returns. Trustees might want to notify beneficiaries in advance that their Schedule K-1 reporting the tax character of distributions received during the year may arrive later than in past years.

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