IRS extends due date for QI withholding agreement to May 1, 2023
The due date for a QI to renew their QI agreements is extended to May 1, 2023.
The due date for a QI to renew their QI agreements is extended to May 1, 2023.
The IRS today announced an extension of the due date for a qualified intermediary (QI) to renew their QI agreements under Rev. Proc. 2022-43 to May 1, 2023.
According to an IRS transmittal message, a QI that seeks to renew its QI agreement with an effective date of January 1, 2023, must do so through the Qualified Intermediary Application and Account Management System (QAAMS) by May 1, 2023.
Overview
The IRS on December 13, 2022, released an advance version of Rev. Proc. 2022-43 [PDF 1 MB] that sets forth the final QI withholding agreement described in Treas. Reg. section 1.1441-1(e)(5) that applies beginning January 1, 2023. Read TaxNewsFlash
Withholding foreign partnerships (WPs) and withholding foreign trusts (WTs) are not required to submit requests to renew their WP/WT agreements at this time. The IRS will treat existing WP/WT agreements as remaining in effect until December 31, 2023.
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