News

2024 Reporting Reminder

We would like to inform all Swiss financial institutions on their reporting requirements under CRS, FATCA and QI. The QI Reporting Requirements outlined in this newsletter will also be applicable to non-Swiss QIs. For the non-Swiss CRS and FATCA reporting requirements, the respective local implementation guidance must be consulted.

QI: 2023 Year Wrap-up and Update

Another eventful year is about to be over, which means it is time for us to take a look back at all that happened in the Qualified Intermediary space this year and to inform about what is going to happen next year.

PEQ Solutions is now PQ Solutions

We would like to inform you that the former PEQ Solutions LLC has recently changed its name to PQ Solutions LLC. As part of this change, we have updated our company logo and corporate design to reflect the new name and our website URL has changed to pqs.ch.

FIRE System Update (2)

The IRS recently announced eagerly anticipated relief regarding accessing the Information Returns Application for Transmitter Control Code (IR-TCC) System, as well as the File Information Returns Electronically (FIRE) System, and also informed about other platforms that will be used by filers in the future.

CRS Reporting Reminder 2023

Since the deadline for filing the CRS reporting is approaching, we would like to inform all Swiss financial institutions on their CRS reporting requirements and some specific updates relevant for the tax year 2022.

New Login Process for QIs

With this short update we would like to inform all QIs on the new login process for the QI Application and Account Management System.

Update QI Agreement Renewal

With this short update we would like to inform all QIs that have not renewed their QI Agreements yet on the most recent updates regarding the renewal process.

QI Agreement Renewal

With this information we would like to inform that the link for the renewal of the QI Agreement is now universally available in the QAAMS.

QI Agreement Renewal Time Extension

With this information we would like to quickly update readers about the renewal of the QI Agreement and the extension of the FFI Agreement.

Reporting Reminder 2023

We would like to inform all Swiss financial institutions on their reporting requirements under CRS, FATCA and QI.

Final 2023 QI Agreement and Section 1446(f) Update

With this information we inform in detail about the changes made to the final version of the new 2023 QI Agreement compared to the proposed QI Agreement published earlier this year, and some last minute announcements the IRS made with respect to Section 1446(f).

Section 1446(f) and New QI Agreement

With this information we inform about the upcoming Section 1446(f) regulation and the upcoming changes to the QI Agreement, which will enter into force on January 1, 2023. Readers will get an extensive overview over the upcoming changes and will be able to determine if and how the new regulation affects them.

QAAMS New Sign-In System

With this information we would like to inform about the upcoming, modified sign-in options for new users of the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application and Account Management System (QAAMS).

Section 871(m)

With this information we would like to inform about the extension of the phase-in period for certain rules under Section 871(m), 1441, 1461 and 1473 of the Internal Revenue Code (the “Section 871(m) Regulations”).

FIRE System Update

With this extensive information we would like to inform about the changes made to Form 4419, the updates to the FIRE system, the new IR-TCC system introduced by the IRS, and the proposed and possible solutions to the challenges resulting from the changes.

FATCA Group Request Reminder

Swiss financial institutions are advised to ensure the accuracy of their FATCA reporting from 2014 to 2021, prepare required information and documents promptly for submission to the SFTA, and test information exchange procedures ahead of potential group requests, as the USA can now make such requests under the Swiss-US FATCA IGA, with a strict ten-day deadline for compliance.

QI and FATCA Certification Reminder 2022

Please be reminded that the QI and FATCA Certifications are due on July 1, 2022.

CRS Reporting Reminder 2022

Since the deadline for filing the CRS reporting is approaching, we would like to inform all Swiss financial institutions on their CRS reporting requirements and some specific updates relevant for the tax year 2021.

Reporting Reminder 2022

We would like to inform all Swiss financial institutions on their reporting requirements under CRS, FATCA and QI. The QI Reporting Requirements outlined in this newsletter will also be applicable to non-Swiss QIs. For the non-Swiss CRS and FATCA reporting requirements, the respective local implementation guidance must be consulted. As in previous years, PQS will be able to support FIs with preparing and uploading FATCA, QI and CRS reportable data to the respective authorities.

Revised Forms W-8

We would like to inform all QIs about the recently published new revisions of the Forms W-8. QIs and FFIs documenting account holders with Forms W-8 are expected to request the new revisions within the next months. This information was updated on November 22, 2021.

Certification of Internal Controls by the QI Responsible Officer

Please be reminded that the QI Certification is due on December 1, 2021.

Information for Users of the FIRE System

We would like to inform all QIs that the IRS scheduled to deploy a new application process for new users of the Filing Information Returns Electronically (FIRE) system. Existing FIRE users are asked to review their current filing data in the FIRE system before September 15, 2021, and to transition to the new process in late 2022.

CRS Reporting Reminder 2021

Since the deadline for filing the CRS reporting is approaching, we would like to inform all Swiss financial institutions on their CRS reporting requirements and some specific updates relevant for the tax year 2020.

Reminder: FATCA Certification and selecting the periodic review year in the QI Certification

Please be reminded that the FATCA Certification is due on July 1, 2021. Also, QIs with the certification period 2018-2020 must select the periodic review year in the QI/WP/WT system before July 1, 2021.

New Information about the QI and FATCA Responsible Officer Certifications

We would like to inform regarding the upcoming QI and FATCA Responsible Officer Certifications.

Extension of the QI Responsible Officer Certification Deadlines

The IRS extended the deadlines to certify the 2018-2020 QI certification period to December 1, 2021, and March 1, 2022, respectively.

Revision of the Swiss AEOI Act and the Swiss AEOI Ordinance

We would like to remind Swiss FIs that on January 1, 2021 the new revisions of the Swiss AEOI Act and the Swiss AEOI Ordinance entered into force.

Reporting Reminder 2021

We would like to inform all Swiss financial institutions on their reporting requirements under CRS, FATCA and QI. The QI Reporting Requirements outlined in this newsletter will also be applicable to non-Swiss QIs. For the non-Swiss CRS and FATCA reporting requirements, the respective local implementation guidance must be consulted. As in previous years, PEQ will be able to support FIs with preparing and uploading FATCA, QI and CRS reportable data to the respective authorities.

Upcoming revision of the Swiss AEOI legislation

Before a well-deserved Christmas break, we would like to inform all FIs on the upcoming revision of the Swiss AEOI legislation and their impact on the implementation of the AEOI requirements.

QI and FATCA Certification Reminder 2020