QI

The QI Agreement, contained in Revenue Procedure 2022-43, requires financial institutions with QI status to put in place adequate customer documentation procedures, withhold on US source investment income, provide for reporting to the IRS as well perform certification of sufficiency of internal controls (“Periodic Certification”).

We are specialize in all aspects of the QI regime and our services include:

  • Assistance with implementation of a QI internal compliance program
  • Assistance to the Responsible Officer (“RO”) with to performing the Periodic Certification and performing the Periodic Review as an external reviewer or with requesting a waiver of the Periodic Review
  • Assistance with annual QI Reporting, preparation of Form 1042, 1042-S, 1099, and requests for extensions through Forms 7004 and 8809
  • Assistance with management and set up of global/US custodian accounts
  • US tax payments on your behalf via Electronic Federal Tax Payment System (“EFTPS”)
  • Assistance with the required fulfillment in restructuring/mergers for termination/change of QI status
  • Assistance with Private Arrangement Intermediary (“PAI”)
  • Draft letters or other correspondence to be presented to the IRS and, if necessary, contact with the IRS
  • Training of personnel

QI Solutions provides assistance to request QI status with the Internal Revenue Service (“IRS”)

Our service includes assistance with electronic filing of QI applications on your behalf through the QI application and account management system (“QAAMS”). We also prepare an Form W-8IMY and relevant withholding statement that you can provide to your custodian and we can assist you in managing the QI Portal to keep the information associated with your status up to date at all times.

QI Solutions has been providing IRS electronic outsourcing services to banks, asset management and brokers for the filing of Forms 1042-S and 1099 since 2011.

We offer an efficient and economical IRS electronic filing solution to ensure compliance with 1042-S and 1099 filing requirements under the QI Agreement.

Contact QI Solutions for a free consultation.

QI Solutions can request on your behalf to extend the due date to file Form 1042, 1042-S and 1099. A request for an extension to file must be made before the due date of the return.

The deadline to request an extension to file Form 1042 and 1042-S is March 15 of each year. The deadline to request an extension to file Form 1099 is March 31 of each year.

Under the QI Agreement, QI are required to perform certification of sufficiency of internal controls (“Periodic Certification”) every three years. The Periodic Certification must be performed by the Responsible Officer (“RO”) of the QI and involves a section on general information concerning the QI, a section on information concerning the compliance with the requirements of both QI and FATCA in terms of documentation, withholding, reporting and, if the conditions for requesting the Waiver are not satisfied, specific Factual Information in relation to the Periodic Review.

We have been specialized for years and can offer tailor-made solutions to assist you with implementation of a QI Internal Compliance Program and performing the Periodic Review as an external reviewer. We also provide assistance to QI personnel in performing the QI review as internal reviewers.

For assistance with the QI Periodic Certification contact QI Solutions for a free consultation and discover how we can assist in an efficient and economical manner.

All tax payments to the IRS must be made by electronic deposit using the Electronic Federal Tax Payment System (“EFTPS®”) of the US Department of Treasury from an account with a bank in the US .

We are an authorized EFTPS® batch provider and we can make US tax payments to the IRS on your behalf.

Contact QI Solutions to make an EFTPS® payment.