IRS adds new FAQs to provide guidance to qualified intermediaries (QIs)

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

The IRS has released new FAQs and guidance for qualified intermediaries. The guidance provides information on the responsibilities of qualified intermediaries, withholding agents, and foreign financial institutions. It also addresses the changes made to the qualified intermediary agreement and the new qualified derivatives dealer agreement.

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Article

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

According to the IRS transmittal release (June 8, 2024) the new FAQs:

  • Provide guidance to QIs submitting non-waiver certifications with a periodic review year of 2021 or 2022, and a certification period ending during the term of the 2023 QI agreement (FAQ 24)
  • Provide tips to QIs on reviewing their certification before submission (FAQ 25)

 

 

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Source :
KPMG
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