The Internal Revenue Service (IRS) has published rev. Proc on December 30, 2016. 2017-15, which includes the final agreement of qualified intermediary (IQ) 2017 (IQ agreement 2017). The 2017 qi agreement provides for procedures for QIs (including qualified derivatives traders (QDDs) and eligible securities lenders (QSLs) to meet their reporting and retention obligations in the United States. For more information, check out our Insight: IRS publishes the qualified final agreement. Observation: The IQ portal is the system that retains foreign partnerships (WPs) and retains foreign trusts (WTs) to apply for WP and WT status. The WP and WT agreements technically expired on December 31, 2016. The IRS indicated that the WP and WT agreements, which were in effect prior to December 31, 2016, will continue until the agreements are updated in January 2017. An IAP or partnership or trust company to which an IQ applies the agency`s option (section 4.06 of the revised IQ agreement) may provide IQ with its documents and other information to include it in the periodic IQ review described in Section 10.04 of the revised IQ Agreement, rather than conducting the audit itself and confirming its compliance; An IQ may apply the option of a joint account (section 4.05 of the revised IQ agreement) to a partnership or partnership or a fiduciary company that is a bearer-documented FFI or NFFE (with the exception of a WP or WT) that otherwise meets the requirements of Section 4.05 of the revised IQ agreement; The Internal Revenue Service (IRS) issued on December 30, 2016 rev. Proc. 2017-15, in which it established the final agreement on compliance with the agreement (IQ) for qualified intermediaries (IQ) (qi agreement of 2017). Non-U.S. companies and certain foreign branches of U.S.
companies may enter into the IRS IQ agreement in 2017 to simplify their obligations as withholding agents in accordance with Chapters 3 and 24 (Foreign Account Tax Compliance Act or FATCA) of the Internal Income Code (Code) and as payers in accordance with Chapter 61 and Section 3406 of the Code for amounts paid to account holders. Like the systems used to manage agreements on foreign financial institutions (FFI), the IQ portal provides users with a secure system, a convenient way to download certain support documents, the ability to obtain electronic notifications about status changes, renewal reminders and other updates, and reduces the need to contact the IRS directly in many cases. This e-mail applies to certain companies that have applied for or concluded the revised Intermediation Agreement (IQ) published in the 2014-39 Income Procedure, 2014-29 I.R.B 151. Section 1.03 of the 2014-39 Revenue Procedure provides that an IQ that submits an IQ status application before July 31, 2014 and is approved in calendar year 2014 is considered IQ no more than July 30, 2014, in accordance with the 2000-2012 revenue tax procedure (as amended). On June 30, 2014, the qi agreement for this IQ is effective January 1, 2014 and expires on June 30, 2014, expires June 30, 2014 and expires on June 30, 2014 at the expiry of June 30, 2014 and the expiry of June 30, 2014, the expiry of June 30, 2014 and the expiry of June 30, 2014. , 2014. The IRS allows a company that applications for IQ status at any time during calendar year 2014, if such an application is approved by the IRS before the end of 2014, to act as an IQ agreement from January 1, 2014 to June 30, 2014, as if the IQ agreement were in effect during that period.