U.S.A.: Internal Revenue Service launches QI, WP and WT application and account management system
Further to our Taxflash T16046, published on 16 December 2016, the U.S. Internal Revenue Service (IRS) launched on 17January 2017 Qualified intermediaries (QIs), Withholding Foreign Partnership (WPs) and Withholding Foreign Trust (WTs) Application and Account Management System, automatising the Financial Intermediary (FI) Program of the IRS.
This new system is a secure web-based platform intended to allow certain foreign withholding entities that enter into an agreement with the IRS to manage their information online and fulfil their obligations.
QIs, WPs and WTs can henceforth submit new agreement, renew or make updates to their existing agreement.
The system generates electronic notifications for changes to status, renewal reminders and other updates, eliminating the need to contact the IRS directly.
Further information
For further information, customers may contact Clearstream Banking1 Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.