United States: IRS issues new FAQ for QI/WP/WT
Provisions for 2023 QI agreement
The IRS today added a new “frequently asked question” (FAQ) on the qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) FAQ website.
The new FAQ Q4—under the section Provisions for 2023 QI agreement—extends the certification due date for a QI/WP/WT selecting the first or second year of the certification period for its periodic review or applying for a waiver of the periodic review from July 1 of the year following the certification period to November 1 of the year following the certification period for the remainder of the term of the agreement.
According to today’s IRS transmittal message, if a QI/WP/WT is selecting the third year of the certification period for its periodic review, the due date to select the periodic review year on QAAMS is extended until November 1 of the year following the certification period. The certification due date for a QI/WP/WT selecting the third year of the certification period for its periodic review will remain December 31 of the year following the certification period. However, for a certification due in 2024 the due date for a QI/WP/WT selecting periodic review year 2023 is extended from December 31, 2024, to March 1, 2025. The extensions are automatic and do not require the filing of a request for extension with the IRS.