On 16 March, the IRS issued a message as a reminder to qualified intermediaries (QI), withholding foreign partnerships (WP) and withholding foreign trusts (WT) of the requirement to renew their QI agreements (Rev. Proc. 2014-39) or WP / WT agreements (Rev. Proc. 2014-47) through the FATCA registration website by 17 April 2015, so as to continue their QI, WP or WT status.
Failure to renew an agreement could jeopardize qualified intermediary, withholding foreign partnership or withholding foreign trust status.
Information about the FATCA registration process is available on the IRS FATCA website.
Please note that this information relates only to QIs, WPs, and WTs that are also FFIs. For foreign entities that are NFFEs, the paper process is still required.
For further information, please do not hesitate to contact us.
Any tax advice in this communication is not intended or written by KPMG to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing, or recommending to another party any matters addressed herein.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 endeavour 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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