Share with your friends

QI Alert 2017-01

QI Alert 2017-01



Related content

Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Application & Account Management

On December 30, 2016, the IRS issued Publication 5262 which is the User Guide for entities to apply, renew, edit, or terminate QI, WP, or WT status.

The User Guide contains 11 chapters which provide key information such as, but not limited to: how to login to the portal, create an account, navigate the portal, and manage account information.

Key Reminders:

  1. Only one person can access their online account at a time, although up to four users may have access to the account.
  2. The system is compatible with Internet Explorer, Google Chrome, and Mozilla Firefox.
  3. Users should ensure that the e-mail address does not go to their spam or junk mail folder as key notifications regarding their account will be sent from this mailbox.

Application Overview:
  1. Part 1: Requests general information about the applicant.
  2. Part 2: Requests basic information about the entity’s business practice and requires the applicant to enter the number of each type of account holder, partner, owner or beneficiary of the QI, WP, or WT, in addition to the dollar value of investments in U.S. assets.
  3. Part 3: May only be completed by entities that applied for QDD status (which is only available for eligible entity’s that assume primary withholding and reporting responsibility). This section requests that the type of transactions and their associated dollar value be entered.
  4. Part 4: Asks additional questions and provides applicants the ability to upload additional files (e.g., Form SS-4, Description of business activities).
  5. Part 5: Requires the applicant to sign, review, and submit the application.


KPMG Comments

QIs, WPs, and WTs have until March 31, 2017, to apply for QI, WP, or WT status with the IRS (or to submit a renewal application for such status) in order to be treated as a QI, WP, or WT effective January 1, 2017.

For Your Reference

Publication 5262 (Rev. 12-2016) can be accessed here (PDF 4.17Mb).

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Connect with us


Want to do business with KPMG?


loading image Request for proposal