Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).

QI compliance – Certification process:

2018 follows the first 3-year certification period since QI agreements were renewed in 2014 alongside the inception of FATCA.

In 2018 many financial institutions assuming QI responsibilities have to perform a QI Certification process to the IRS supported by a periodic review.

How Grant Thornton Luxembourg can support you to obtain the QI Certification and comply with QI obligations:

• Define or assess your QI compliance programme
• Assist your Responsible Officer in fulfilling QI obligations
• Understand the different components of QI compliance and major areas of responsibility that must be reviewed during the periodic review
• Assess eligibility to the waiver of the periodic review
• Act as External Reviewer to perform the periodic review, including the collection of factual information and the review of all or part of QI accounts
• Assess the severity of material failures and events of default
• Prepare information for completing the QI Certification process, be it Certification of Effective Internal Controls or Qualified Certification
• Navigate the QI Certification within the IRS’s QI Application and Account Management System
• Deliver training on QI and/or QDD obligations
• Assist in addressing IRS queries
• Perform QI reporting to the IRS
• Become a Qualified Intermediary (QI)
• Comply with FATCA obligations

Contact:

For more information about QI Compliance, please contact Catherine Normand or Lionel Gendarme.