Tag Archives: QI

Qualified Intermediary – QI General

February 26, 2013  |   Posted by :   |   Qualified Intermediary   |   0 Comments

A QI is any foreign intermediary (or foreign branch of a U.S. intermediary) that has entered into a qualified withholding agreement with the IRS. A QI is a payee (of U.S. source income) to the extent the QI assumes primary withholding responsibility as primary Form 1099 reporting and backup withholding responsibility for a payment, in […]

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Qualified Intermediary – Withholding Rules

February 26, 2013  |   Posted by :   |   Qualified Intermediary   |   0 Comments

A qualified intermediary (“QI”) is any foreign intermediary (or foreign branch of a U.S. intermediary) that has entered into a qualified withholding agreement with the IRS: 1. For NRA tax withholding, unlike payments to foreign intermediaries, where the payees are the persons to whom the foreign intermediary collects the payments (e.g. account holders), the QI […]

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FATCA – Foreign Financial Institutions – Qualified Intermediary

January 04, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Under the 2010 HIRE Act (IRC §1471(c)(1)), a foreign financial institution that is a party to a qualified intermediary agreement with the IRS must report the following information regarding each U.S. account maintained by the institution: 1) The name, address, and TIN of each account holder that is a specified U.S. Person; 2) The name, address and […]

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