1441 app for iPhone and iPad

The 1441 App is a specialist tool for financial services professionals who need to help their firm meet their obligations under US Internal Revenue Code Chapter 3, commonly called either 1441 NRA regulations or QI regulations. 1441 NRA regulations provide for non-US financial institutions to adopt one of two positions by either contracting with the IRS to be a "Qualified Intermediary" or "QI" or not, in which case the default status of the firm is "NQI" or non-qualified intermediary. In both cases, non-US forms are automatically subject to these regulations simply by receiving US-sourced investment income, typically dividends or interest. Whether a firm is a QI or an NQI merely changes the procedures the firm needs to adopt to comply.

There are two main categories of obligation - documentation of clients to determine whether they are US or non-US; withholding and deposit rules to determine how much tax should be withheld from any given payment, reporting rules to provide IRS with the appropriate level of transparency and AUP rules to act as controls and oversight of non-US institutions including penalties for non-compliance.

These rules are very complex and many have both deadlines and penalties associated with them. There are also a large number of Forms, Publications, Guidance, Revenue Procedures, Notices, Announcements that collectively give firms the ability to meet their obligations. This App brings those materials together with additional links to useful further resources.

If you work for a QI, NQI or US Withholding Agent, this App will be useful to help you manage time dependent projects and also have all the right background resources available on your iPhone or iPad.