May 3, 2022
IRS publishes changes to QI withholding agreement rules, expanding QI withholding and reporting responsibilities
The IRS has published changes (Notice 2022-23) to the qualified intermediary (QI) withholding agreement rules that will allow a QI to assume withholding and reporting responsibilities for purposes of IRC Sections 1446(a) and (f). Generally, these changes would apply to a QI that transferred an interest in a publicly traded partnership (PTP) or received a distribution from a PTP on behalf of a QI account holder. A Tax Alert on the notice is forthcoming.