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.
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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