ALERT: Qualified Intermediary (QI) Agreement Renewal Deadline for 2023
Internal Revenue Service (IRS) sent this bulletin at 12/29/2022 03:25 PM EST
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ALERT: Qualified Intermediary (QI) Agreement Renewal Deadline for 2023This Alert provides the deadline for all Qualified Intermediaries (QIs), including QIs acting as Qualified Derivatives Dealers (QDDs), to renew QI agreements covering the 2023 through 2028 years. All QIs (including QDDs) that want to renew their QI agreement for years 2023 through 2028 must submit a request to renew their agreement between January 1, 2023 and March 31, 2023 through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS). The renewal request link will be available on the QAAMS homepage on January 1, 2023. If an application is submitted between January 1, 2023 and March 31, 2023, and approved, the new QI agreement will be effective as of January 1, 2023. Withholding Foreign Partnerships (WPs) and Withholding Foreign Trusts (WTs) are not required to submit requests to renew their agreements at this time. The IRS will treat existing WP and WT agreements as remaining in effect until December 31, 2023. For more information, please refer to the 2023 QI Agreement Renewals FAQs, and Revenue Procedure 2022-43 which contains the 2023 QI agreement.
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