QI (including QDD), WP, WT

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QI (including QDD), WP, WT Application Deadline for 2018

12 November 2018

Operational Tax News

IRS reminder : QI, QDD, WP and WT applications in 2018 deadline fast approaching

On October 17 2018, the Internal Revenue Services (“IRS”) released a reminder regarding the Qualified Intermediary (“QI”), Qualified Derivatives Dealer (“QDD”), Withholding Foreign Partnership (“WP”) and Withholding Foreign Trust (“WT”) applications deadline for 2018.

More specifically, the IRS informed that all applicants who desire to have an agreement in effect in 2018 must submit their application through the Qualified Intermediary Application Account Management System (QAAMS) by November 16 at the latest. The aim is to allow sufficient time for processing by year-end.

Additionally, applicants are also reminded that prior to submitting their applications they must have obtained a global intermediary identification number (GIIN), if needed.

Information on the effective date of an agreement for a new applicant can be found in the section 2.22 of the QI Agreement in Rev. Proc. 2017-15, or section 12.01(a) of the WP, or WT Agreement in Rev. Proc. 2017-21.

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