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.
References in periodicals archive ?
Form 1042-S is filed with the IRS, but also provided to each payee, and reports the income and amount of withholding specific to that payee.
For foreign homeowners, a property manager must send a Form 1042-S instead.
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.
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.
Source Income Subject to Withholding, were modified to indicate that a Form 1042-S is issued in the name and under the employer identification number (EIN) of a foreign disregarded entity (FDE) eligible to claim treaty benefits when the FDE is the beneficial owner of payments subject to reporting on Form 1042-S.
The IRM provides guidance to withholding examiners with respect to reliance on a withholding certificate that is part of the review process of Form 1042-S.