United States: Link for renewal of QI agreements now live
Renewal link for all qualified intermediaries (QIs) to renew their QI agreements now available on the QAAMS
Renewal link for all qualified intermediaries (QIs) to renew their QI agreements now live
The IRS today announced that the renewal link for all qualified intermediaries (QIs) to renew their QI agreements under Rev. Proc. 2022-43 [PDF 1 MB] is now available in the activity center of the home page on the Qualified Intermediary Application and Account Management System (QAAMS).
According to an IRS transmittal message (14 February 2023), Rev. Proc. 2022-43 provides that a QI that seeks to renew its QI Agreement with an effective date of 1 January 2023, must do so between 1 January 2023 and 31 March 2023, but the IRS extended this renewal due date to 1 May 2023. Read TaxNewsFlash
Accordingly, all QIs that seek to renew their QI Agreements with an effective date of 1 January 2023 must do so through QAAMS by 1 May 2023.
Background
Rev. Proc. 2022-43 sets forth the final QI withholding agreement described in Treas. Reg. section 1.1441-1(e)(5) that applies beginning 1 January 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 31 December 2023.
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