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How Financial Intermediaries Can Apply to Become a Qualified Intermediary: Preparation & Submission

What you will learn

 

Instruct how to apply to become a QI

 

What being a QI means

 

The Application Process

 

Complete a Quiz on the QI Application Process

Description

This introductory course, presented by the Tax Compliance Toolkit, is your one-stop shop for all matters related to the meaning behind what it means for a financial institution to become a Qualified Intermediary (QI). 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 the QI Application Process. We will look at the preparatory steps as well an overview of initial requirements. The course progresses with an in-depth discussion of the three main steps in the application process: Determination of eligibility; preparation and submission. We then present an overview of the firms’ responsibilities post submission.

 


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By the end of this training course, you will be equipped with the foundational knowledge to use within your organization when wanting to apply to become 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.

 

 

English
language

Content

Qualified Intermediary: Application

Application Overview

Preparing for your Application

What to Understand before Making your Application
Preparation
The QI Application Process

Step 1 – Determination of Eligibility

Eligibility

Step 2 – Preparation

Preparation

Step 3 – Submission

Submission

Your Responsibilities from Date of Submission

Responsibilities

Summary

Summary

Quiz

True or False?
QI Application Status
True or False?
Components of the Application Process
Some More True or False
Length of the QI Contract
Is my Application Successful?
QI Agreement Effective Date

Bonus Material: QI Reporting

Introduction to QI Reporting – a Graphic