Ross McGill

May 5, 2016|2 Minutes

The QI Rap

In NQI, QI, FATCA

So, you wanna be a qualified intermediary, great!

With relief at source and not disclosed your clients will be merry;

But if your KYC rules didn’t make their list;

Your chances of QI are zero, nada, nothing, Get the gist?

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You’re on the list. Hooray! And now just two forms, to apply;

But if you fail or don’t step up, you stay an NQI;

And then you need to document your clients very quickly;

Cos otherwise you hit them 30 points right in the divi.

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You need to know the consequences of your QI actions;

Resources, training, operations, these must be your guiding passions;

For failure to be adequate in any material way;

Sets you up for penalties and you could go to jail!

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Revenue Procedures tell you what to do;

Notices and Publications are important too;

Get ’em, read ’em, know ’em or you’ll be in the poo;

At the end of the day, good preparation is your cue.

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KYC, AML, series W-8;

Don’t forget LOB to get your entities straight;

Check they’re right, on the face and in your records too;

Otherwise you break the rules and you’re the one who looks a fool.

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Chapter 4 then Chapter 3 that’s the payment rule;

Penalise in FATCA then Chapter 3 is cool;

Pay the treasury on your own or use an upstream agent;

You carry the can either way, so make sure you’re not complacent.

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On board, off board who’s to choose;

US clients can give you the blues;

But tax is a product not a task;

So figure a solution and you’ll have their cash.

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And if this little ditty helped you understand QI, then smile;

We aimed to please and ease your day, if only for a while;

But if you’re worried that theory and reality just don’t reconcile;

Then write, reply or easier still, just dial.

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Image Credit: Keith Bellvay

Ross McGill

Ross is the founder and chairman of TConsult. He has spent over 26 years working in the withholding tax landscape with companies developing tax reclaim software and operating outsource tax reclamation services.

Ross not only sees the big picture but is also incredibly detail oriented. He can make even the most complex issues simple to understand. He has authored 10 books (including two second editions) on various aspects of tax, technology, and regulation in financial services, making him one of the leading authorities in the world of tax.