FS-2017-3 also clarifies the rules regarding extensions, stating that to request a 30-day extension to file Form 1042S
, the withholding agent must file Form 8809 (Application for Extension of Time to File Information Returns) before the March 15 due date of the Form 1042-S.
The payor is generally required to provide Form 1042S
, Foreign Person's U.
In the case of certain related or controlled corporate payers, however, the waiver applies only if the income is properly reported on form 1042S
Bank deposit interest and certain other interest payments on specific types of financial obligations are generally not reported on Form 1042S.
A withholding agent or qualified intermediary is fully liable for all taxes owed by a foreign beneficial owner and also reports the income paid to each recipient on a Form 1042S.
Department of the Treasury, Internal Revenue Service, Instructions for Form 1042S.
NOTES Detail may not add to totals because of rounding Form 1042S is entitled Foreign Persons U S, Source Income Subject to Withholding.
trade or business, as well as bank deposit interest, are not subject to the withholding tax and are generally not reported on Form 1042S.
A payer or designated agent is fully liable for all taxes owed by a recipient and also reports the income paid to each recipient on a Form 1042S.
For 1999, interest payments reported on Form 1042S
, which excludes bank deposit interest, increased 15.