United States: IRS updates FAQs on QI/WP/WT page
Provisions for 2017 WP agreement
The IRS on December 13, 2024, announced the following changes concerning the qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) “frequently asked questions (FAQs)” page:
- FAQ Q20 is removed from the “New applications/2017 renewals” section and is now under the new “Provisions for 2017 WP agreement” section, renumbered as FAQ Q1.
- New FAQ Q2 under the section “Provisions for 2017 WP agreement” section provides guidance on automatic termination to WPs that are publicly traded partnership that cannot document its direct partner.