Qualified Intermediary: Reporting

This introductory course, presented by the Tax Compliance Toolkit, is your one-stop shop for all matters related to the intricacies surrounding QI reporting. As we have seen in previous QI courses, Qualified Intermediary Agreements are agreements that financial intermediaries can enter into with the Internal Revenue Services (IRS) to reap certain benefits. These benefits, however, are intertwined with large operational and administrative burdens, most of which can be very complex.

Furthermore, it is often the case the intermediaries are unaware of said operational tasks, and this is where we are educating the market.

This training course starts with an overview of a QIs reporting obligations. The primary reporting for a QI is undertaken on returns 1042 and 1042-S. As a result, we will look at the associated reporting and structures of both of these. We will then look at the penalties associated should reporting be done incorrectly and not in a timely manner.

We will then look at 1099 Reporting.

By the end of this training course, you will be equipped with the foundational knowledge to use within your organization as to how to report as a QI.

We hope you enjoy the course content as much as we did in preparation of the material. Feel free to engage with the content as best as you can reach out to us directly for further assistance.