United States: IRS issues FAQ on WP / WT renewals
Qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) FAQs website
Qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign
The IRS issued a “frequently asked question” (FAQ) on the qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) FAQs website, under the heading “New Applications/Renewals.”
Q20. Will an entity that agreed to the provisions of a WP or WT agreement in Revenue Procedure 2017-21, 2017-6 I.R.B. 791, be required to renew its agreement beginning for the 2023 year?
A20. No. The IRS will treat the agreement as remaining in effect until December 31, 2023. A WP or WT need not take any action provided it seeks to have its agreement remain in effect until December 31, 2023.
Added: October 26, 2022
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