Qualified Intermediaries that need to renew their QI agreements during the period January to June 2012 were granted a postponement under Notice 2011-53to accomplish their registration as Participating Foreign Financial Institutions (PFFI) for compliance with the Foreign Asset Tax Compliance Act.
QI’s must register and receive a QI/PFFI agreement in order to retain their QI status.
The “What’s New” section of the QI home page contains Notice 2011-53 and QI’s should pay particular attention to Parts II and IV of the Notice. Once the registration portal is online all Qualified Intermediaries, Withholding Foreign Partnerships and Withholding Foreign Trusts must register on the portal and receive a PFFI agreement to continue in good standing.
Read more at: Tax Times blog
