QI Alert 2017-05

QI Alert 2017-05

QI/WP/WT agreement renewals, IRS final reminder of 31 March deadline

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QI/WP/WT agreement renewals, IRS final reminder of 31 March deadline

The IRS issued a final reminder of the approaching 31 March 2017 deadline for renewing all qualified intermediary (QI), withholding foreign partnerships (WP) and withholding foreign trust (WT) agreements. All QI/WP/WT agreements in effect prior to 1 January 2017 must be renewed by 31 March 2017 to continue in effect without interruption.

The IRS release (PDF | 52KB) includes a statement that all renewals must be completed and submitted using the new QI/WP/WT account management system. Also, all renewing QI/WP/WT applicants must review the system user guide and FAQs on the QI website before proceeding.

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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