Renewal of the QI Agreement

Please note that the IRS issued an alert recently for all QIs to renew QI agreements covering years 2023-2028. According to an IRS transmittal message, a QI that seeks to renew its QI agreement with an effective date of 1 January, 2023, must do so through the Qualified Intermediary Application and Account Management System (QAAMS) by 1 May, 2023.

In addition, may we take the opportunity to kindly remind you of the Forms 1042 and Forms 1042-S submission deadline of 15 March 2023.

Furthermore, QIs having the certification period ending 31 December 2022, the certification is due in 2023. The deadline depends on which year is chosen for the periodic review:

• According to section 10.03 of the QI Agreement and section 8.03 of the WP Agreement and WT Agreement, the certification due date for a QI/WP/WT that selected 2020 or 2021 for its periodic review and that has a certification period ending 31 December, 2022 is 1 July, 2023.
• According to those same sections noted above, the certification due date for a QI/WP/WT that selected 2022 for its periodic review is 31 December, 2023.

Should you require any assistance, please do not hesitate to get in touch.