U.S.A.: FATCA: IRS publishes guidance on updated Qualified Intermediary (QI) Agreement
On 23 September 2014, the U.S. Internal Revenue Service (IRS) published on their website guidance for certain entities on the updated Qualified Intermediary (QI) Agreement (Revenue Procedure 2014-39).
The publication includes guidance regarding:
- Form 1099 Reporting Responsibility;
- Private Arrangement Intermediaries (PAIs) and Joint Account and Agency Options under the Revised QI Agreement;
- New QIs for Calendar Year 2014;
- QI Application and Renewal Procedures for Certain Central Banks of Issue.
We continue to monitor the implementation of FATCA and will provide more information as it becomes available.
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