The QI agreement, contained in Revenue Procedure 2022-43, requires QIs to put in place adequate customer documentation procedures, perform annual reporting and withhold on US source investment income.
QIs and QDDs must also perform Periodic Certification of sufficiency of internal controls and compliance procedures either by performing a Periodic Review or requesting a waiver of the review requirement.
- Request for (and termination of) QI and QDD status Assistance with implementation of a QI internal compliance program
- Assistance with implementation of a QI internal compliance program
- Assistance with performing the Periodic Certification, including performing the Periodic Review as an external reviewer, assisting internal reviewers and requesting a waiver of the Periodic Review
- Assistance with annual QI Reporting, preparation of Form 1042, 1042-S, 1099, and requests for extensions through Forms 7004 and 8809
- Electronic filing of Form 1042 via e-file and Form 1042-S and Form 1099 via FIRE
- Assistance for QDDs with preparing and filing Form 1120-F via e-file
- Assistance with management and set up of global/US custodian accounts
- US tax payments via Electronic Federal Tax Payment System (EFTPS®)
- Assistance with the required fulfillment in restructuring/mergers for termination/change of QI or QDD status
- Draft letters or other correspondence to be presented to the IRS and, if necessary, contact with the IRS
- Training of personnel
Application for QI status
QI Solutions provides assistance to request QI and QDD status with the IRS.
Our assistance includes preparation and submission of QI/QDD applications through the QI Application and Account Management System. We also can prepare Form W-8IMY and related withholding statement. In addition, we can assist you in managing QI status as a PoA to keep the information associated with your status up to date at all times.
Electronic Filing Service 1042
The electronic filing requirement for Form 1042 was introduced with effect from calendar year 2025 (tax year 2024), however, IRS Notice 2024-26 extended this requirement until calendar year 2026 (tax year 2025) for non-US filers (e.g., almost all QIs). In order to meet this requirement, we have added electronic filing of Form 1042 (via e-file) to our QI Standard FFI Service starting with tax year 2025.
Extension to file 1042, 1042-S and 1099
QI Solutions can request extension on your behalf to extend the due date to file Form 1042, 1042-S and 1099. A request for an extension to file must be made before the due date of the return.
The deadline to request an extension to file Form 1042 and 1042-S is March 15 of each year. The deadline to request an extension to file Form 1099 is March 31 of each year.
Periodic Review and Waiver
Under the QI agreement, QIs are required to perform a certification of sufficiency of internal controls (Periodic Certification) every three years. The Periodic Certification must be performed by the Responsible Officer (RO) of the QI and involves a section on general information concerning the QI, a section on information concerning the compliance with the requirements of both QI and FATCA in terms of documentation, withholding, reporting and, if the conditions for requesting the Waiver are not satisfied, specific Factual Information in relation to the Periodic Review.
We are specialized in offering tailor-made solutions to assist you with implementation of a QI internal compliance program. QI Solutions can perform the Periodic Review as an external reviewer. We also provide assistance to QI personnel who perform the QI Periodic Review as internal reviewers with critical review plan and statistical sampling.
For assistance with the QI Periodic Certification contact QI Solutions for a free consultation and discover how we can assist in an efficient and economical manner.
EFTPS Payments
All tax payments to the IRS must be made by electronic deposit using the Electronic Federal Tax Payment System (EFTPS®) of the US Department of Treasury from an account with a bank in the US.
We are an authorized EFTPS® batch provider and we can make US tax payments to the IRS on your behalf. Contact QI Solutions to make an EFTPS® payment.
QI Services
FATCA Services
CRS Services
Learn how we can assist your company to improve compliance with the QI rules. We provide a free, no obligation initial consultation.