U.S. Qualified Intermediary regime

Image of a discussion about the US IRS Qualified Intermediary agreement and how the QI agreement works

The opt-in regime for non-U.S. financial intermediaries, such as EU banks, brokers, and custodians, to become a withholding agent for U.S. withholding taxes.

The U.S. Qualified Intermediary (QI) regime is a core area of expertise for our team. With many years of experience in diverse QI assignments, our team provides comprehensive support — from policy and process design to system logic validation, account transcripts, periodic reviews and IRS communication. We’re dedicated to delivering tailored solutions that ensure compliance and operational efficiency for your organization.

Client feedback:
"The way you deliver the content makes our QI certification process almost enjoyable."
- Large Dutch Bank, November 2024

See below for an overview of our services:

  • EXPERT ADVICE
    On application of the QI & U.S. withholding tax and reporting rules.

  • POLICY & PROCESS
    Design or review including advice on strategic policy and control considerations.

  • SYSTEM LOGIC
    Design or review for both happy and unhappy flow-scenarios.

  • EXECUTION SUPPORT
    A detailed proposal can be provided upon request to support or execute parts of your operational QI processes.

ADVISORY

  • DESIGN OR EXECUTE RECONCILIATION
    Design or execute reconciliations for original or amended filings, and reflect the outcome in a dashboard.

  • E-FILING TAX RETURNS
    Facilitate electronic filing of Forms 1042 and 945, as well electronic filing of Forms 1042-S and 1099. Data is collected in a standardized template including automated consistency checks.

  • FILING EXTENSIONS
    Facilitate the filing of Form 7004 for Form 1042 and Form 8809 for Forms 1042-S and 1099 extensions from the filing due date.

REPORTING

Form 1042: what has to tie together Form 1042 sits at the centre. It must tie to incoming Forms 1042-S and the received payments file on one side, and to outgoing Forms 1042-S and 1099 and the outgoing payments data on the other. Incoming and outgoing information reports must also tie to each other. Form 1042: what has to tie together File electronically Incoming Forms 1042-S Outgoing Forms 1042-S and 1099 + exempt U.S. persons Form 1042 annual withholding tax return for U.S. source income to non-U.S. Persons. Payments file received Payments data outgoing © Triple Tax Services B.V.

  • HEALTH CHECK
    Based on standardized approach or tailored to your risk areas. Often a health check includes sample based testing.

  • PERIODIC REVIEW

    Per IRS requirements, with the use of IRS safe harbor sampling methodology, selected through our TTS random generator. Upon completion a report is provided to the Responsible Officer, which is to be shared with the U.S. Internal Revenue Service.

  • PERIODIC CERTIFICATION
    Support with preparing the certification, including assessment of failures, including material failures and events of default.

PERIODIC CERTIFICATION

  • QI & QDD APPLICATION
    Support with QI applications in the IRS QAAMS portal through a standardized questionnaire. Often this support is combined with policy and process design.

  • ACCOUNT BALANCE TRANSCRIPTS
    We obtain and automatically analyze transcripts to match IRS records against your deposits and reported tax liability. This analysis is key in identifying the cause of penalties, interest and reallocations between tax years.

  • ASSESSMENT OF IRS NOTICES
    We assess issues raised in IRS letters, including CP notices. We liaise with the IRS to resolve issues, and where the facts support it, we prepare a penalty waiver request on reasonable cause grounds.

IRS COMMUNICATION

  • CLASSROOM
    Basic and advanced training, both general and role-specific.

  • VIRTUAL
    Same as classroom training, delivered via livestream.

  • E-LEARNING
    Developed upon request; e.g. web-based or SCORM file.

As a CRKBO registered trainings provider we issue certificates of attendance and can provide the trainings exempt of VAT.

TRAINING

We welcome any questions you may have about the QI regime or our service offerings. Please contact us at: info@tripletax.eu.

Want to know more about the U.S. Qualified Intermediary and Qualified Derivatives Dealer regimes. Read our Library explainer pages:

Explainer: Qualified Intermediary
Explainer: U.S. withholding taxes