United States: IRS updates FAQ on QI/WP/WT website to provide guidance on WP/WT agreement renewals

Qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) FAQs website

Qualified intermediary, withholding foreign partnership, and withholding foreign trust

The IRS updated the “frequently asked questions” (FAQs)—in particular FAQ Q20—on the qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) FAQs website, under the heading “New Applications/2017 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? (updated March 20, 2024)

A20. No. The IRS will treat the agreement as remaining in effect until Dec. 31, 2025. A WP or WT need not take any action provided it seeks to have its agreement remain in effect until Dec. 31, 2025.


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