QI alert - Issue 2018-02
The Internal Revenue Service (IRS) Qualified Intermediary/Withholding Foreign Partnership/Withholding Foreign Trust (QI/WP/WT) application and account management system is now accepting QI/WP/WT Certifications.
Selection of Periodic Review Year
QIs/WPs/WTs with certification requirements must select a periodic review year for the initial certification period on or before August 31, 2018. This includes entities selecting 2017 as their periodic review year.
Entities should consult IRS Publication 5262, Qualified Intermediary, Withholding Foreign Partnership, and Withholding Foreign Trust Application & Account Management User Guide, before beginning the certification process. Entities should also verify that their account login credentials, as well as all filings (including Forms 1042, 1042-S, 1099, and 945) and related payments, are up-to-date.
Waivers of the Periodic Review Requirement
Any entity applying for a waiver of the periodic review requirement in its periodic certification must:
The IRS will notify waiver applicants upon approval or denial of their requests. If a waiver application is denied less than six months before the certification due date (including extensions), the IRS will extend the certification due date until six months from the date of the waiver denial. The periodic review must be completed prior to submitting the extended certification, and the extended certification should have Parts IV and VI completed (to the extent applicable).
An entity whose waiver application has been denied and who wants to change their periodic review year from 2015 to another year should contact the IRS FI Team at firstname.lastname@example.org.
For Your Reference
The IRS Certification and Period Review FAQs are available here.
IRS Publication 5262, Qualified Intermediary, Withholding Foreign Partnership, and Withholding Foreign Trust Application & Account Management User Guide, is available here (PDF, 4.28MB).
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.
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