Further Insights on Notice 2016-76 and IRS Announces new QI System

New IRS QI System

On 15 December 2016, the IRS announced the upcoming launch of a new Qualified Intermediary (QI), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) system which will allow these entities to manage their information online.

The QI, WP and WT frequently asked questions will be removed from the FATCA online registration system and will be available in the new system.

For additional information on the updates to the FATCA Online Registration System. please see the FATCA Online Registration user guide.

Further Insights on IRS Notice 2016-76

On 2 December 2016, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury issued Notice 2016-76 (Link) providing highly anticipated guidance addressing specific challenges with implementing regulations under Section 871(m) of the Internal Revenue Code. The Notice introduces transitional relief in anticipation of expected amendments to the Section 871(m) regulations and the proposed qualified intermediary (QI) agreement. Portions of the Notice have been discussed in recent public comments by IRS and Treasury officials, but certain provisions may come as a surprise to stakeholders.

For more information, please see PwC’s Tax Insights from Global Information Reporting.

Published by

Christoph Schärer

Christoph Schärer
PwC
Birchstrasse 160
Postfach, 8050 Zurich
+41 58 792 42 82

Christoph is a member of the PwC international FATCA working group and co-leads the Swiss FATCA initiative. He has considerable FATCA tax project experience with a range of investment, cantonal, regional, retail and private banks, as well as with life insurance companies and banking service providers.