Tax & Accounting Blog

New Draft of Form 1042-S for 2014 Released and IRS Accepting Comments

1042-S, 1099, ONESOURCE, ONESOURCE Nonresident Alien Taxation, Tax Information Reporting, Trust Tax April 3, 2013

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.

A copy this draft 1042-S can be found on the COKALA Tax Information Reporting website or you can select it from the list of draft forms on the IRS webpage.

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 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.

Visit to learn how COKALA Tax Information Reporting can help your organization.