On May 10, 2022, the Internal Revenue Service (IRS) published a new Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Frequently Asked Question (FAQs) number 20. This FAQ explains how to select the periodic review year for a QI, WP, WT Certification on the QI System.
In order to do so, the user must:
- Select the certification link on the QI system account home page. The QI system is called QAAMs. Here, the “Instructions for QI, WP, WT Certification” screen will appear.
- Selects “Next” at the Instructions Screen. This prompt will send the user to step 1 of 4, General Information.
- Enter the desired periodic review year and select “Next” again to get to the Warning Screen.
- Either select “Yes” to confirm the periodic review year entered, or “No” to enter a different periodic review year. The FAQ warns that selecting “Save” at this point will not save the periodic review year. The user must select “Yes” in order to confirm the periodic review year.
- Review the QAAMS account homepage to confirm that these changes have been added and that the updated due date is correct.
Check out the new QI, WP, and WT FAQ 20 here:
Q20. How to select the periodic review year for QI,WP,WT Certification on the QI System?
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