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This document is a request for a waiver of the Qualified Intermediary (QI) audit requirement for the 2010 tax year, specifically for amounts not exceeding $1,000,000. It collects detailed information
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How to fill out request for waiver of

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How to fill out Request for Waiver of the 2010 Tax Year Qualified Intermediary Audit Requirement

01
Obtain the Request for Waiver form from the relevant tax authority.
02
Fill in your personal information, including name, address, and taxpayer identification number.
03
Specify the tax year for which the waiver is being requested (2010).
04
Provide details regarding the qualified intermediary audit requirement.
05
Include a detailed explanation of why the waiver is being requested, supported by any relevant documentation.
06
Review the form for accuracy and completeness.
07
Sign and date the form.
08
Submit the completed form to the appropriate tax authority by the deadline.

Who needs Request for Waiver of the 2010 Tax Year Qualified Intermediary Audit Requirement?

01
Taxpayers who acted as qualified intermediaries during the 2010 tax year and are seeking relief from the audit requirement.
02
Organizations or entities that facilitated like-kind exchanges in real estate transactions and need to avoid the audit.
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The Qualified Intermediary must be a third party, independent of the taxpayer. A disqualified person cannot act as the Qualified Intermediary if considered the agent of the taxpayer at the time of the exchange.
A qualified intermediary (QI) is any foreign intermediary (or foreign branch of a U.S. intermediary) that has entered into a qualified intermediary withholding agreement with the IRS.
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.
Unlike Qualified Intermediaries who comply with stringent standards, an NQI may lack the necessary certifications, expertise, or adherence to regulatory protocols required for specific transactions.
The QI list is maintained and updated quarterly by the Qualified Intermediary Program. It includes entities that have approved QI status and were issued QI-EINs 2 months or more before the first week of the quarter.
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.
A QI must report U.S. source income paid to non-U.S. persons to the IRS using: Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding)
A qualified intermediary (QI) is any foreign intermediary (or foreign branch of a U.S. intermediary) that has entered into a qualified intermediary withholding agreement with the IRS.

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The Request for Waiver of the 2010 Tax Year Qualified Intermediary Audit Requirement is a formal request that allows qualified intermediaries to be exempt from the audit provisions mandated for the 2010 tax year, provided they meet certain criteria.
Qualified intermediaries who are subject to the audit requirement for the 2010 tax year and wish to seek a waiver from this requirement must file the request.
To fill out the request, qualified intermediaries must provide their identifying information, the specific reasons for seeking a waiver, and any supporting documentation that demonstrates compliance with the waiver criteria.
The purpose of the request is to allow qualified intermediaries to avoid undergoing an audit for the 2010 tax year if they can establish that they meet the necessary conditions for the waiver.
The request must report the intermediary's name, address, EIN (Employer Identification Number), the reasons for the waiver, and any relevant financial or operational data that supports the request.
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