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Internal Revenue Service (IRS) sent this bulletin at 01/20/2023 04:32 PM EST

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Qualified Intermediaries News January 20, 2023

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Issue Number:    2023-01

ALERT: QI Agreement Renewal Link and Due Date Extension

Rev. Proc. 2022-43 (which includes the 2023 QI Agreement) provides that a QI that seeks to renew its QI agreement with an effective date of January 1, 2023, must do so between January 1, 2023, and March 31, 2023. The IRS is extending the due date for QIs to renew their QI agreements under Rev. Proc. 2022-43 to May 1, 2023. Accordingly, a QI that seeks to renew its QI agreement with an effective date of January 1, 2023, must do so through the Qualified Intermediary Application and Account Management System (QAAMS) by May 1, 2023.

We are aware the renewal link is not available for some QIs on QAAMS. We are working to get the link restored and will provide an update as soon as we have further information.

Withholding Foreign Partnerships (WPs) and Withholding Foreign Trusts (WTs) are not required to submit requests to renew their WP/WT agreements at this time. The IRS will treat existing WP/WT agreements as remaining in effect until December 31, 2023.


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