IIAC REQUESTS FROM IRS REVISIONS TO QI AGREEMENT PROVIDING AN EXTENDED DEADLINE FOR RO CERTIFICATION
On December 9, 2019, the IIAC submitted a request to the Internal Revenue Service (IRS) asking for revisions to the Qualified Intermediary (QI) Agreement to provide an extended deadline for the Responsible Officer (RO) Certification for those QIs selecting the third year for periodic review. These QIs have a condensed timeline to complete their periodic review and finalize their certification compared to QIs who select the first or second year for periodic review. In addition, these QIs are limited in their ability to prepare in advance as a result of available extensions for Form 1042 and 1042-S filing and the corresponding amendments and reconciliation that is required by the QI pre-periodic review.
For more information, please contact Adrian Walrath.