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QI Solutions has been providing IRS electronic outsourcing services to clients since 2011.
We can simplify your QI and FATCA 8966 reporting. Contact QI Solutions for a free, no obligation proposal.

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EFTPS® authorized batch provider. We can make IRS tax payments on your behalf, payments usually settled in 2 - 3 business days.
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With FATCA in full effect, we are assisting industry leading private banks, assest managers implement compliance and verification systems.
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Internal Compliance


Assisting QIs to implement the QI Internal Compliance and Review Program to insure sucessful initial certification of compliance.

IRS Reporting


Complete 1042-S, 1099, 8966 and FATCA XML solutions.
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We specialize in 1042-S, 1099 and 8966 FATCA Report outsourcing.

On October 24, 2012 the IRS released Announcement 2012-42 which aims to synchronize the due diligence deadlines and FATCA withholding phase-in under the forthcoming final FATCA regulations with the dates under the UK/US FATCA IGA (and, presumably, the other IGAs under negotiation).

FFI Agreement
Although the IRS has yet to publish a draft FFI Agreement, it is still expected that the IRS will have systems in place in 2013 to facilitate FFI registration and FFI Agreements. Announcement 2012-42 extends the effective date of the initial FFI Agreements and all FFI Agreements entered in 2013 will become effective on January 1, 2014.

New Account Documentation Procedures and Pre-existing Account Reference Dates
Announcement 2012-42 states that FFIs that enter FFI Agreements in 2013 will be required to put in place procedures to ensure that accounts opened from January 1, 2014 (‘new accounts') are documented according to the FATCA requirements. Consequently, ‘pre-existing accounts' will include those accounts opened prior to January 1, 2014. For FFI Agreements entered in 2014 and thereafter, ‘pre-existing accounts' and ‘new accounts' will be determined by reference to the effective date of the FFI's FFI Agreement.

Reporting on US Accounts
Reporting account balance and other information to the IRS on US accounts for 2013 and 2014 will be required by March 31, 2015. For 2015 and succeeding years the deadline will be March 31 of the following year.

Due Diligence Deadlines and FATCA Withholding
Announcement 2012-42 confirms that FATCA withholding on passthru payments will be required upon the expiry of the respective due diligence deadline. The announcement provides an additional two years' extension before FATCA withholding applies to gross proceeds. Thus FATCA withholding on passthru payments made through December 31, 2016 will apply only to passthru payments consisting of US source investment income (e.g., dividends, interest, etc.) and from January 1, 2017 will extend to gross proceeds from the sale or disposition of US securities.

The due diligence deadlines and withholding beginning dates are determined by the type of account holder according to the FATCA schema. The following summary assumes an FFI Agreement entered by December 31, 2013:

  Entity Accounts - Prima Facie FFIs
  Account review to identify and document prima facie FFIs: 30 June 2014
  FATCA withholding begins for prima facie FFIs not documented as PFFIs or other compliant FFIs (DCFFI, partner jurisdiction FFI, exempt FFI, etc.): 1 July 2014
     
  Entity Accounts - All Others
  Account review to document all non-prima facie FFI entity accounts: 31 December 2015
  FATCA withholding begins on all non-compliant entity accounts (presumed held by NPFFIs): 1 January 2016
     
  Individual Accounts – High Value Accounts
  Account review for all high value individual accounts (balance or value of more than US$1,000,000): 31 December 2014
  FATCA withholding begins for recalcitrant high value individual accounts: 1 January 2015
     
  Individual Accounts – Other than High Value Accounts
  Account review deadline for all individual accounts other than high value accounts: 31 December 2015
  FATCA withholding begins for all recalcitrant individual accounts: 1 January 2016