FATCA: Reminder to renew QI, WP or WT agreements

FATCA: Reminder to renew QI, WP or WT agreements

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 Friday April 17, 2015, so as to continue their QI, WP or WT status.

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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.

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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.

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