The IRS Issues new FAQ for QI/WP/WT

Internal Revenue Service (IRS) sent this bulletin at 08/01/2024 04:13 PM EDT

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Qualified Intermediaries News August 1, 2024

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Issue Number:    2024-21

The IRS Issues new FAQ for QI/WP/WT

The IRS issues FAQ Q4 on the QI/WP/WT FAQs page under the section, Provisions for 2023 QI agreement. This FAQ extends the certification due date for a QI/WP/WT selecting the first or second year of the certification period for its periodic review or applying for a waiver of the periodic review from July 1st of the year following the certification period to November 1st of the year following the certification period for the remainder of the term of the agreement.

Additionally, if a QI/WP/WT is selecting the third year of the certification period for its periodic review, the due date to select the periodic review year on QAAMS is extended until November 1st of the year following the certification period. The certification due date for a QI/WP/WT selecting the third year of the certification period for its periodic review will remain December 31st of the year following the certification period. According to Qualified Intermediaries News - Issue Number: 2023-18, however, for a certification due in 2024 the due date for a QI/WP/WT selecting periodic review year 2023 is extended from December 31, 2024, to March 1, 2025.

These extensions are automatic and do not require the filing of a request for extension with the IRS.

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