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U.S. Qualified Intermediary Training

The U.S. Qualified Intermediary (QI) regime allows financial institutions outside the U.S. to facilitate investments in U.S. securities and products for their customers at a better rate of return while at the same time protecting their personal information. 

The QI status is based on a QI model agreement concluded between the U.S. tax authority – the Internal Revenue Service (IRS) – and the financial institution. The QI regime has a significant impact on financial institutions which offer U.S. securities or that transact with U.S. counterparties.

This generic QI training will take a closer look at the 2023 QI agreement, U.S. withholding tax regulations and the operational process requirements, including due diligence procedures and Forms 1042 and 1042-S reporting.

How can the QI obligations affect your organization and what steps should you take to remain compliant. In this training you will receive practical guidance and best practices to ensure you are implementing the right procedures and controls.

Target group
Client tax specialists or Operational tax specialists, Business analysists, CDD professionals, managers and compliance officers working in banking or at other types of financial institutions with QI status.
The following topics will be covered:

• Introduction QI agreement;
• U.S. withholding tax and information reporting Chapters;
• Overview of legal sources;
• Responsibilities per QI process element and key considerations;
• Customer identification & W-Forms;
• Determining tax rates & payment processing;
• Annual Form 1042 and Form 1042-S reporting and reconciliation;
• Best practices and case examples.
What will the course provide me with?

• Upon completion, participants will have knowledge of the content and structure of the QI agreement, including key process elements;

• Upon completion, participants will be able to deal with day-to-day challenges related to U.S. withholding tax and information reporting requirements, legally and/or operationally;

• In addition, participants understand the process elements of the QI agreement and can place them within your work environment and internal processes.

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