IRS Issues Final 2017 Qualified Intermediary Agreement

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Qualified Intermediaries News January 4, 2017

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  1. IRS Issues Final 2017 Qualified Intermediary Agreement

  1.  IRS Issues Final 2017 Qualified Intermediary Agreement

The Internal Revenue Service (IRS) issues Revenue Procedure 2017-15, the final qualified intermediary (QI) withholding agreement (QI Agreement).  The QI Agreement allows foreign persons to enter into an agreement with the IRS to simplify their obligations as withholding agents under chapters 3 and 4 and as payors under chapter 61 and section 3406 for amounts paid to their account holders.

The QI agreement currently in effect, as provided in Revenue Procedure 2014–39, 2014–29 I.R.B. 150, (the 2014 QI agreement), expires on December 31, 2016. The QI Agreement, described in Revenue Procedure 2017-15, will apply to QI Agreements that are in effect on or after January 1, 2017. 

Updated withholding foreign partnership (WP) and withholding foreign trust (WT) agreements will not be published before the current agreements expire on December 31, 2016.  WPs and WTs with agreements currently in effect may continue to treat those agreements as in effect until updated agreements are issued.

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