The IRS has updated its FAQ guidance for QI, WP, and WT agreements. The updates include information on the renewal process for these agreements, which are used by foreign financial institutions to comply with U.S. tax withholding and reporting requirements. The updates also clarify certain requirements and procedures for these agreements. The changes are intended to provide greater clarity and streamline the renewal process for these agreements.
The IRS updated the “frequently asked questions” (FAQs)—in particular FAQ Q20—on the qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust (WT) FAQs website, under the heading “New Applications/2017 Renewals.”
A20. No. The IRS will treat the agreement as remaining in effect until Dec. 31, 2025. A WP or WT need not take any action provided it seeks to have its agreement remain in effect until Dec. 31, 2025.
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