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Waivers $50,000 or Less

Many Qualified Intermediaries have only small investments in U.S. securities or small client base which generates equally small amount of reportable income reported to them on Form 1042-S.

In order to decrease the administrative burden on both the IRS and this segment of the QI community submitting external audit waiver requests a QI that has $50,000 or less in reportable income may regard its submission as satisfactory unless notified to the contrary by the QI program.

Page Last Reviewed or Updated: 05-Nov-2014