IRS Reminder: 30 September 2026 deadline for QI, WP and WT applications

The IRS has reminded taxpayers that applications to obtain Qualified Intermediary (QI), Withholding Foreign Partnership (WP) or Withholding Foreign Trust (WT) status for 2026 must be submitted through the Qualified Intermediary, Withholding Foreign Partnership and Withholding Foreign Trust Application & Account Management System (QAAMS) by 30 September 2026. Applications submitted after this date will not be processed.

Affected entities should review their status and ensure that all application requirements, including the obtaining of a Global Intermediary Identification Number (GIIN) where required, are completed ahead of the deadline.

How can KPMG assist?

KPMG can support financial institutions and other eligible entities throughout the QI lifecycle - from assessing eligibility and completing the initial application to strengthening governance, meeting ongoing reporting obligations, and preparing for the periodic certification. Our team can provide practical, tailored assistance in the following areas:

Internal QI procedures and governance

Reviewing policies, procedures and control frameworks covering account-holder documentation, withholding, reporting, escalation and oversight responsibilities.
QI reporting and ongoing compliance

Assisting with the review of relevant US tax reporting (Forms 1042 and Forms 1042-S) and with the management of recurring compliance obligations under the QI Agreement.
Periodic reviews and certification of internal controls

Helping entities prepare for periodic reviews either as external reviewer or by supporting the internal reviewer and support the Responsible Officer certification process.
Periodic review waiver applications

Assessing eligibility for a waiver and assisting with the preparation of such application.
Ongoing QI training

Providing tailored training to your QI team upon request.