QI / WP / WT account management system | KPMG | GLOBAL

QI / WP / WT account management system opens in April 2018

QI / WP / WT account management system

The IRS issued a release announcing that the qualifying intermediaries / withholding foreign partnerships / withholding foreign trusts (QI/WP/WT) application and account management system will be open to accept QI/WP/WT certifications beginning early April 2018.

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The IRS release explains that: 

  • The certification due date depends on which year the QI/WP/WT selected for its periodic review.  
  • The certification due date for a QI/WP/WT that selected 2015 or 2016 for its periodic review and that has a certification period ending in 2017, or that obtained a waiver of its periodic review and that has a certification period ending in 2017, is 1 July 2018.  For these reviews, the IRS will permit an extension to 1 September 2018 to provide the certification. 
  • The certification due date for a QI/WP/WT that selected 2017 for its periodic review is 31 December 2018.  The IRS will, however, permit an extension to 1 March 2019 for providing the certification. 
  • All QI/WP/WT entities will receive an announcement on their message board that the QI/WP/WT account management system will open in early April 2018.

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