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Will the IRS request any information regarding a QI’s implementation of Section 4A.01 and .02 of the QI agreement (joint account and agency options for treatment of partnership and trust accounts)?

April 26, 2017Agreement Implementation IRS qi request section

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Will the IRS request any information regarding a QI’s implementation of Section 4A.01 and .02 of the QI agreement (joint account and agency options for treatment of partnership and trust accounts)?

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ANSWER 3: The IRS expects that it will routinely make a Phase 2 request that the external auditor review and report on a QI’s implementation of Sections 4A.01 and .02 of the QI Agreement.