The IRS has published the highly anticipated draft of an all-new Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, for use in reporting 2014 income payments.
The many changes in this Form 1042-S are designed to accommodate reporting of information relating to both Internal Revenue Code Chapter 3 withholding at source on payments to non-U.S. individuals and entities, and the new IRC Chapter 4 FATCA information and withholding. Changes are not only on the face of the form – new boxes, new data to be tracked and reported – but there are also changes in Codes.
The IRS is accepting comments about this new form. You can submit comments through the IRS website on a type-in form. Or, you can send your comments in an email to firstname.lastname@example.org and in the “Subject” line of your email message use “Form 1042-S for 2014” so the IRS can properly direct your comments.
Thomson Reuters offers a wide-range of educational webcasts on tax information reporting issues including FATCA, 1042-S reporting, W-8 procedures, and payments to foreign individuals and vendors. Visit our webcast page to learn more.
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