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QI (including QDD), WP, WT Application Deadline for 2023

The IRS released Issue Number 2023-13 alerting Qualified Intermediaries (QI) (including Qualified Derivatives Dealers), Withholding Foreign Partnerships (WP) and Withholding Foreign Trusts (WT) of the application deadline for the 2023 year.

The alert reads as follows:

“This Alert provides the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) applications for the 2023 year.

All applicants that want to have an agreement in effect for 2023 must submit their applications through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS) no later than October 27, 2023 to allow sufficient time for processing by year end. If required for chapter 4 purposes, applicants must have obtained a GIIN prior to submitting their applications. See section 2.22 of the QI Agreement in Rev. Proc. 2022-43, or section 12.01(a) of the WP or WT Agreement in Rev. Proc. 2017-21 for the effective date of an agreement for a new applicant.

Please note that applications submitted after October 27, 2023 will not be processed. Prospective applicants, unable to submit an application before the October 27, 2023 deadline, should wait until January 1, 2024 to submit the application for the 2024 year.

The recent alert regarding the deadline for QI, WP, and WT applications for the 2023 year underscores the importance of timely compliance with regulatory requirements. Financial entities must ensure they adhere to the October 27, 2023 deadline for submission through the QAAMS system and fulfill all necessary requirements, including obtaining a GIIN if needed. Understanding and meeting these deadlines are crucial steps in maintaining regulatory compliance and avoiding potential consequences associated with non-compliance.

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This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.

Comply Connect – March 2024 – Issue 9

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