Department of the Treasury -- Internal Revenue Service Form 14345 (November 2011) Name of Applicant Qualified Intermediary Application OMB No. 1545-1597 Eligibility of Applicant (Check One) Non-U.S.

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How to fill out the Form 14345 - Internal Revenue Service - IRS online

Filling out Form 14345 is an essential step for non-U.S. financial institutions and other entities seeking Qualified Intermediary status. This guide will provide clear, step-by-step instructions to help you complete the form accurately and efficiently online.

Follow the steps to fill out Form 14345 online:

  1. Press the ‘Get Form’ button to access the document in an editor.
  2. Enter the name of the applicant in the designated field.
  3. Select the eligibility of the applicant by checking one of the options: Non-U.S. financial institution, Non-U.S. clearing organization, branch of U.S. financial institution, or other, providing an explanation if applicable.
  4. Fill in the address of the applicant, including address line, city, state or province, zip code, and country.
  5. Provide a brief description of the business of the applicant.
  6. Outline the description of the new account opening procedures.
  7. Input responsible party information, including first name, middle initial, last name, title, telephone number (with country code), fax number (with country code), and email address.
  8. Include contact person information in a similar format with their first name, middle initial, last name, title, telephone number, fax number, and email address.
  9. Indicate the type of account holders by entering the approximate number for each type listed on the form.
  10. Detail the investments in U.S. assets, again entering the approximate number for each type.
  11. State whether the applicant will assume primary withholding responsibility by selecting yes or no.
  12. Provide external auditor information, including address line, city, state or province, zip code, country, fax phone number, and telephone number.
  13. Fill in the contact person's details at the external auditor firm.
  14. Answer whether Form SS-4 has been submitted by selecting yes or no.
  15. Indicate if the applicant or any related entity has previously applied for QI status by selecting yes or no.
  16. Review your entries for accuracy, then save changes, download, print, or share the completed form as needed.

Ensure your application is accurate and complete by following this guide to fill out Form 14345 online.

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What is a non qualified intermediary?

An NQI is any intermediary that is a foreign person and that is not a qualified intermediary. The payees of a payment made to an NQI for both Chapter 3 and Chapter 4 purposes are the customers or account holders on whose behalf the NQI is acting.

Partners Financial Advisors. Broker Dealers. Real Estate Agents. Certified Public Accountants. Qualified Intermediaries.

A QI is required to provide the U.S. withholding agent with identifying information regarding U.S. persons subject to Form 1099 information reporting unless the QI assumes the primary obligation to do Form 1099 reporting and backup withholding.

A Qualified Intermediary is an entity that creates documentation supporting a taxpayer's intent to initiate an Internal Revenue Code Section 1031 tax deferred exchange and holds the exchange proceeds in a manner that preserves principle and liquidity.

A qualified intermediary (QI) or accommodator is a person or business who enters into a written exchange agreement with a taxpayer to: Acquire and transfer property given up, and. Acquire replacement property and transfer it to the taxpayer.

How do you become a Qualified Intermediary? Coordinate with the taxpayer on the structure of the 1031 exchange. Prepare and maintain relevant documents. Provide escrow instructions for all involved transactions. Create an arms-length transaction between the taxpayer and the buyer and sellers.

To have a valid 1031 exchange, a qualified intermediary (“QI”) must be assigned the seller's rights to proceeds under the contract and transfer the relinquished property on behalf of the seller, pursuant to an exchange agreement. See Treas. Reg. §1.1031(k)-1(g)(4)(iii)-(vi).

A Qualified Intermediary is an entity that creates documentation supporting a taxpayer's intent to initiate an Internal Revenue Code Section 1031 tax deferred exchange and holds the exchange proceeds in a manner that preserves principle and liquidity.

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