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 Channel Islands 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