REMINDER - QI/WP/WT Application and Account Management System - Selection of Periodic Review Year of Certification Period
Internal Revenue Service (IRS) sent this bulletin at 05/04/2018 10:29 AM EDT
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Issue Number: 2018-05REMINDER - QI/WP/WT Application and Account Management System - Selection of Periodic Review Year of Certification Period It’s here! The QI/WP/WT application and account management system is now accepting QI/WP/WT Certifications. All QI/WP/WT entities must select the periodic review year of their certification period before September 1, 2018. This includes those entities selecting 2017 as their periodic review year. If a QI/WP/WT entity is applying for a waiver of the periodic review when making its periodic certification, it must select 2015 for its periodic review year, complete Parts I, II, and III of the certification, and submit its waiver application before September 1, 2018. However, the entity will not be required to perform a periodic review if its waiver application is approved. The IRS will notify the entity when a request for a waiver of the periodic review is approved or denied. If such request is denied with less than six months remaining before the certification due date, including any extensions, the entity will be granted a six-month extension from the date of denial of the waiver to complete the periodic review and resubmit the certification. At that time, if the entity wants to select a year other than 2015 as its periodic review year, the entity should contact the FI Team at lbi.fi.qiwpissues@irs.gov. The resubmitted certification should include a completed Part IV and Part VI (if applicable). QI/WP/WT entities should verify that their account login credentials are up to date and should consult Publication 5262, Qualified Intermediary, Withholding Foreign Partnership, and Withholding Foreign Trust Application & Account Management User Guide, before beginning their certifications on the system and for login assistance, if needed. QI/WP/WT entities should refer to the Certifications and Periodic Reviews FAQs to be alerted to all upcoming FAQs. Please ensure that all filings (including Forms 1042, 1042-S, 945 and 1099) and related payments are up-to-date.
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