Form 1042-S

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Form 1042-S

A form that one files with the IRS to report certain U.S. income of a foreign person that is subject to withholding. It is especially used for income derived from a nominee or a publicly-traded partnership. Many common types of income, notably income reported on W-2 or 1099 forms, is not reported on Form 1042-S.
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Late filing of Forms 1042-S also can result in a penalty of $250 per form, up to a maximum of $3,000,000 per year, or $50 per form if the form is not correctly filed within 30 days after the required filing date, up to a maximum of $536,000 ($187,500 for small businesses) per year [IRC sections 6721(a) and (b); Form 1042-S Instructions], A withholding agent can cure its noncompliance after the fact by obtaining a Form W-8 or other documentation from the payee, but the withholding agent may still be subject to penalties and interest ("U.
The statistics in this data release were tabulated by calendar year, using all Forms 1042-S filed with the Internal Revenue Service during 2010.
Because the population of Forms 1042-S, Forms 8805, and Forms 8288-A were used for the statistics, the data are not subject to sampling error.
Reporting of Withholding Tax on Forms 1042-S and 1042-T
14) Other requirements in filing Forms 1042-S and 1042-T, Annual Summary and Transmittal of Forms 1042-S, are reported in Exhibit 5.
Form 1042-T is the transmittal form (annual form to accompany the Forms 1042-S [copy A] to the IRS) to report the tax withheld and the tax deposited corresponding to the Forms 1042-S.
Form 8809, Application for Extension of Time to File Information Returns, must be used to request an extension of time to file Forms 1042-S and 1042-T.
in that case the payer should file Forms 1042-S treating the authorized agent as the recipient, provided that the authorized foreign agent properly reports the payments on Forms 1042-S and provides copies to each payment recipient.
The fiduciary does not attach any documentation, such as withholding certificates, when filing Forms 1042-S with the IRS.
1441 tax withheld on his or her Forms 1042-S because the 30% withholding tax is based on each beneficiary's distributable share of "gross income" from the entity.
In 2003, the IRS performed a similar Form 1042-S review and found that more than 31 % of Forms 1042-S filed had errors.
Form 1042-T is filed to summarize all Forms 1042-S issued in a tax year.