Form 1042-S

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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For foreign homeowners, a property manager must send a Form 1042-S instead.
MINNEAPOLIS, April 16, 2014 /PRNewswire/ -- While the start of the reporting mandate of the Foreign Account Tax Compliance Act (FATCA) approaches, the IRS announced a final, completely revamped version of the Form 1042-S for 2014.
The payer or withholding agent is fully liable for all taxes owed and is required to report the income paid to each foreign recipient on a Form 1042-S, Foreign Person's U.
A separate Form 1042-S must be filed for each payee and each type of income.
Source Income of Foreign Persons, and information return Form 1042-S, Foreign Person's U.
The conference, which includes The Accounts Payable Leadership Track, combines what's new in Form 1099 and Form 1042-S reporting with the best cutting-edge methods and technologies of accounts payable (AP) today, said TAPN CEO Phil Binkow.
simple trust is required to distribute distributable net income to a foreign beneficiary but does not do so in the current tax year, it must withhold tax on the beneficiary's allocable share at the time the income is required to be reported on Form 1042-S (without extension) under Regs.
Even for students from those countries, however, the university may issue a Form 1042-S and withhold tax *** unless the student alerts it that withholding is not require *** Such notification is by Form W-8BEN, Certificate Foreign** Status of Beneficial Owner for United States Tax Withholding.
Windstar offers training on tax law governing international compliance, definitions, tax treaties, special withholding rules, and Form 1042-S information reporting submission.
Stuart Mann, manager (foreign payments) in the IRS Large Business and International Division, announced that, after spending 2010 reviewing Form 1042-S filings, the IRS would be sending proposed penalty notices to more than 2,000 U.
Source Income Subject to Withholding, and for a Form 1042-S that was improperly completed.
WHAT: Form 1099 and Form 1042-S Tax Information Reporting &