Zaher Fallahi, Tax Attorney, CPA; Upcoming Deadline May 3 for QI/WP/WT Status and FATCA Registration
Foreign financial institutions may now be considering applying for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust status in conjunction with their compliance with the chapter 4.
Beginning on December 31, 2013, the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Agreements will be expanded to incorporate an FFI’s requirements under chapter 4 (more commonly referred to as the Foreign Asset Tax Compliance Act or FATCA) with the QI, WP, or WT responsibilities under chapter 3 (to the extent applicable).
In order to ensure that QI, WP, or WT status is obtained prior to the date the registration portal opens, no later than July 15, 2013, financial institutions are required to submit their application and all required attachments no later than May 3, 2013.
For assistance with any tax matters, including the IRS representation and disclosing your unreported foreign bank accounts, you may contact Zaher Fallahi, Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to [email protected]