United States: Deadline for QI / WP / WT applications for 2022 is 30 September 2022

QI / WP / WT applicants must submit applications for 2022 by 30 September 2022

QI / WP / WT applicants must submit applications for 2022 by 30 September 2022

The IRS today issued a release regarding the 30 September 2022 deadline for applications for the 2022 year filed by a qualified intermediary (QI) (including a qualified derivatives dealer), a withholding foreign partnership (WP) and a withholding foreign trust (WT).

According to the IRS transmittal message (3 August 2022), QI / WP / WT applicants that desire to have an agreement in effect in 2022 must submit their applications through the appropriate system—the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS)—no later than 30 September 2022, to allow sufficient time for processing by year-end.

The IRS also noted that:

  • Applicants must have obtained a global intermediary identification number (GIIN) prior to submitting their applications, if a GIIN is needed.  
  • Applications submitted after 30 September 2022 will not be processed.
  • Prospective applicants unable to submit an application before the 30 September 2022 deadline are instructed to wait until 1 January 2023 to submit the application for the 2023 year.

 

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