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.