On August 1st, 2024, the IRS issued a tax alert informing the Qualified Intermediaries (“QIs”) community about a new calendar regarding the forthcoming QI certification granting additional time to certain QIs.
In a nutshell, the deadlines have been extended as follows:

• Should the QI be eligible for a QI Periodic Review Waiver with respect to 2021 or 2022, the deadline to submit the Certification and the Periodic Audit Waiver request has been postponed to November 1st, 2024.
• For QIs subject to an external review for the QI Application Period 2021-2023 and that have selected 2021 or 2022 for the Periodic Review, the deadline to submit the QI Certification has been postponed to November 1st, 2024.
• For QIs that have selected 2023 for the Periodic Review, the deadline to submit the QI Certification is still March 1st, 2025.

IMPORTANT

• ALL QIs must select the Periodic Review Year on the QI Application and Account Management System (QAAMS) Portal by November 1st, 2024.

The extensions are automatic and, apart from selecting the Periodic Review Year on the QAAMS Portal, do not require additional steps on behalf of QIs to obtain the extension.