IRS extends due dates for qualified intermediaries

The Internal Revenue Service has extended some of the deadlines for qualified intermediaries, withholding foreign partnerships and withholding foreign trusts.

The rules for these entities mainly relate to foreign financial institutions, such as those required to comply with the Foreign Account Tax Compliance Act, or FATCA, part of the HIRE Act of 2010, under which overseas banks report and withhold taxes on the holdings of U.S. taxpayers. 

The IRS said Tuesday that for a QI, WP or WT with a periodic certification due in 2024, the date to submit either their periodic certification or an application for waiver of the periodic review requirement has been extended.

A man walks past the IRS headquarters in Washington, D.C.
The IRS headquarters in Washington, D.C.
Andrew Harrer/Bloomberg

The due date for entities selecting periodic review years 2021 or 2022 or submitting a waiver application has been extended from July 1, 2024, until Sept. 1, 2024, while the due date for entities selecting periodic review year 2023 has been extended from Dec. 31, 2024, to March 1, 2025.

The IRS said the extensions are automatic and don't require the filing of a request for extension with the agency. The link to the 2024 Certifications in QAAMS, the QI/WP/WT application and account management system, will be available later in 2024.

For reprint and licensing requests for this article, click here.
Tax IRS International taxes Tax laws

More from Accounting Today

IRS can't verify LITC grant recipient eligibility

The IRS doesn't have the authority to independently verify that recipients of Low Income Taxpayer Clinic grants are eligible to receive them.

Jan 23, 2025

SEC withdraws accounting guidance on safeguarding crypto assets

The Securities and Exchange Commission has rescinded a Staff Accounting Bulletin on safeguarding cryptocurrency assets that had been criticized by the industry and even by some of its own commissioners.

Jan 24, 2025

Tech news: CPA.com announces updates to Dynamic Audit Solution

Plus, Corecentric enhances its International Tax Management Engine; and other accounting tech news and updates.

Jan 17, 2025

CPA Success Index: Ranking the top collegiate accounting programs

These institutions serve as examples of how academic structure, focused preparation and student support can help graduates successfully navigate the CPA exam.

Jan 23, 2025

FASB releases 2025 taxonomies

The Financial Accounting Standards Board has posted the 2025 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy and GAAP Employee Benefit Plan Taxonomy.

Dec 27, 2024

Regs proposed on 401(k) enrollment, Roth IRA catchup

The proposed regulations involve provisions of the SECURE 2.0 Act, including auto enrollment in 401(k) and 403(b) plans, and the Roth IRA catchup rule.

Jan 10, 2025