The IRS today issued a reminder of the approaching May 31, 2017 deadline for renewing all qualified intermediary (QI), withholding foreign partnerships (WP) and withholding foreign trust (WT) agreements.
Previously, the IRS had announced that all QI/WP/WT agreements in effect prior to January 1, 2017, had to be renewed by March 31, 2017, to continue in effect without interruption. As noted on the IRS website, that deadline is now May 31, 2017.
Today’s IRS transmittal message serves as a reminder of the May 31 deadline for QI/WP/WT agreement renewals (and qualified derivatives dealer (QDD) applications). Additionally, the IRS stated that because a QDD is a new entity type, all new QI applications that also contain a request for QDD status submitted by May 31, 2017, and that are approved will be granted an effective date of January 1, 2017.
There is no change to the deadline for new QI/WP/WT applications. The IRS transmittal message notes that the March 31, 2017 new application deadline has passed.
© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.