The United States (US) Internal Revenue Service (IRS) has published changes (Notice 2022-23) to the qualified intermediary (QI) withholding agreement rules that will allow a QI to assume withholding and reporting responsibilities for purposes of Internal Revenue Code (IRC) Sections 1446(a) and (f). Generally, these changes would apply to a QI that sells an interest in a publicly traded partnership (PTP) or receives a distribution from a PTP on behalf of a QI account holder.BackgroundQI agreementThe current QI agreement, established under Revenue Procedure 2017-15 (see EY Global Tax Alert, IRS releases 2017 Qualified Intermediary Agreement and FFI Agreement, dated 18...