The US Internal Revenue Service (IRS) published its list of entities and branches that have achieved qualified intermediary (QI) status under the Foreign Account Tax Compliance Act (FATCA).
The Qualified Intermediary (QI) Program administers agreements between foreign entities or foreign branches of certain US entities and the IRS regarding tax withholding and reporting requirements for certain US-source income.
The QI list is maintained and updated quarterly by the Qualified Intermediary Programme. It includes entities that have approved QI status and were issued QI-EINs two months or more before the first week of the quarter. The Withholding Foreign Partnerships (WPs) and Withholding Foreign Trusts (WTs) aren’t listed at this time in the published list.
The agreements administered are the Qualified Intermediary Agreement the Withholding Foreign Partnership (WP) and the Withholding Foreign Trust (WT) agreements.
These agreements outline an entity’s withholding and reporting obligations under Chapter 3 and Chapter 4 (the Foreign Account Tax Compliance Act, commonly known as FATCA) of the Internal Revenue Code with respect to certain US-source income paid to the entity’s account holders, partners, and beneficiaries or owners.
