IRS adds FAQ to QI / WP / WT FAQs website

Type
:
Development
Tax Area
:
Others
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
14 Mar
,
2024
Docxster’s Summary

The IRS has released a FAQ on the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) programs. The FAQ provides guidance on the application process, compliance requirements, and other important information for entities participating in these programs.

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Article

The IRS today issued a “frequently asked question” (FAQ) on the qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) FAQs website, under the heading “Certifications and Periodic Reviews.”

FAQ 23 provides guidance to QI / WP / WT entities on an administrative exemption from the requirement to electronically file Forms 1042 for calendar years 2024 and 2025.

Read the IRS release (March 14, 2024)

 

 

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Source :
KPMG
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