Thursday, November 5, 2020

The IRS Updates FAQ on the QI/WP/WT FAQs Page

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Qualified Intermediaries News November 5, 2020

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Issue Number:    2020-10


The IRS Updates FAQ on the QI/WP/WT FAQs Page

The IRS updates FAQ (Q13) on the QI/WP/WT FAQs page under the section, Certifications and Periodic Reviews to provide guidance on how a QI that is not acting as a QDD should take into account the good faith standard described in Notices 2016-76, 2017-42, 2018-72, and 2020-2 with respect to its section 871(m) transactions as an intermediary for purposes of its periodic review.

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