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.
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.
