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.
The guide answers questions such as: when returns are due and how to request an extension, when and how to deposit Form 1042 tax amounts, how to submit Forms 1042-S
to the IRS, what errors and validity checks will cause files to be rejected and how to correct errors, how to correct a Form 1042 tax return, what penalties may be imposed by the IRS, and how to contact IRS Enterprise Computing Center at Martinsburg.