Deadline to apply for QI (including QDD), WP and WT status is fast approaching

The  IRS recently published an alert reminding companies that the deadline to apply for Qualified Intermediary (QI) (including Qualified Derivatives Dealer (QDD)), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) status for the 2022 tax year is Sept. 30, 2022.

The IRS indicated that all applicants that want to have an agreement in effect for 2022 must submit their applications through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS) no later than Sept. 30, 2022 to allow sufficient time for processing by year-end. If the applicant is applying for Chapter 4 purposes, they must have obtained a Global Intermediary Identification Number (GIIN) prior to submitting their applications.

The IRS indicated that all applications submitted after Sept. 30, 2022 will not be processed, and that prospective applicants that are unable to submit an application before the Sept. 30, 2022 deadline, should wait until Jan. 1, 2023 to submit the application for the 2023 year.

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