The deadline is near. In the October 17, 2018 issue of the IRS Qualified Intermedia News, the IRS asked companies that wish to implement an IQ, WP or WT agreement in 2018 to ensure that their applications are filed by November 16, 2018. Background information on WP and WT, the WP and WT agreements are intended to simplify withholding and reporting obligations for certain payments made to WP partners and WT beneficiaries and owners. These agreements are adapted to the unique situation of WPs and WTs in their role as foreign intermediaries. Yes, a partnership may be a candidate as a QDD if the partnership is qualified as an eligible entity; However, the IRS may provide for additional conditions that would apply in the event of an agreement with a partnership. Added: 17.03.2017 The renewal of qi/WP/WT (applicant) should answer this question on the basis of the information currently available regarding each form that the applicant had to submit for the calendar years covered by the last qi, WP or WT agreement that the applicant renewed: Q2. Can I extend my IQ, WP or WT agreement regarding my FATCA registration? No, you need to renew the IQ/WP/WT system. QIs, WPs or WTs that have a FATCA registration account cannot renew their agreement in the FATCA registration system because this part of the registration request has been removed. Rev Proc 2017-15, 2017 IRB 437, Sec. 6 contains a qi agreement, Article 2.22 of which states that if a future qi status has applied for after March 31 of a calendar year and no “reporting payment” has been received and approved before the date of application of IQ status, an IQ agreement has been reached as of January 1 of that year. If a future IQ status is requested after March 31 and a declared payment has been received before the application date and is approved, it has an IQ agreement with an IQ validity date for the first month in which its IQ application is approved and an IQ-UN will be issued to the future IQ. WP/WT Applicant: Describe the admission procedures of a new partner, beneficiary or new owner.

If the applicant is an investment fund, attach the pages of the fund`s subscription contract or make available documents relating to the investor`s documentation. Update: 02-11-2020 An IF is not required to obtain qi/WP or WT to register under FATCA. If the IF does not have a reserve agreement with the IRS at the time of registration of FATCA, which must be treated as IQ, WP or WT, the IF will enter “No Object” in Box 6 and continue the registration process. A19. Section 1.01 of the WP agreement provides that a WP that is a reverse hybrid foreign company must meet the requirements of Section 6.03 (C) of the WP agreement, which contain a requirement that the foreign hybrid be an FFI. Notwithstanding this requirement, a foreign auto-hybrid company that is an NFFE can: apply for a WP with respect to payments of income from personal services that are an income actually related to a business or business within the United States, when it also meets the requirements of an NFFE under the WP agreement (including reporting information on reluctant payments distributed to a partner or included in the distribution share of a partner that is an NFFE, as described in Section 6.05 (B) ).2)