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IRS Signs Qualified Intermediary Agreements WASHINGTON, D.C., Oct. 28, 2000 (SmartPros) In a push to implement new regulations that revise the withholding and reporting of cross-border payments of U.S. source income, the Internal Revenue Service has started signing qualified intermediary agreements for hundreds of financial institutions. These agreements, which are the backbone of the new regulations, simplify tax withholding and information reporting procedures for foreign financial institutions, the IRS stated. Thousands of financial institutions could apply to become qualified intermediaries by year's end. The new withholding rules will take effect Jan. 1, 2001, according to the IRS. The qualified intermediary agreement offers several benefits including: simplified information reporting procedures, use of collective refund procedures, and reduced rates of withholding based on providing withholding rate pool information to U.S. custodians, the IRS stated. -- SmartPros News Staff Send comments to information@smartpros.com 2000, Smartpros Ltd. All Rights Reserved. |
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