Today, the IRS has announced the extension of deadline for renewal of the QI, WP and WT Agreements until May 31, 2017 for all Qualified Intermediaries (including those applying for the QDD status), Withholding Partnerships and Withholding Trusts that had their Agreements in effect before December 31, 2016.
With regard to new applicants, the IRS will only extend the deadline until May 31, 2017 for those institutions that apply for the QDD status. For all new Qualified Intermediaries, Withholding Partnerships and Withholding Trusts the deadline March 31, 2017 remains in effect.
All QIs, WPs and WTs and all new applicants that are QDDs submitting their application until May 31, 2017 will be granted an effective date of January 1, 2017 for their properly submitted and approved renewal applications.