Form 1042-S

(redirected from Forms 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-T, Annual Summary and Transmittal of Forms 1042-S
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.S.
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.
A special version is available which also prints and reports Forms 1042-S.
Source Income Subject to Withholding, and Form 1042-T, Annual Summary and Transmittal of Forms 1042-S.
partners/beneficiaries on Form 1042-S on a pooled basis to the IRS, rather than disclosing each one on individual Forms 1042-S.
Reporting of Withholding Tax on Forms 1042-S and 1042-T
The effective withholding rates vary widely among the types of income reported on tax forms 1042-S, 8805, and 8288A.
In 2003, the IRS performed a similar Form 1042-S review and found that more than 31 % of Forms 1042-S filed had errors.
federal income tax purposes, or is the sole corporate owner of the FDE required to file the Form 1120-F when filing is required for overwithholding or underwithholding of tax on Forms 1042-S? If the latter, how does the IRS intend to match or reconcile the payments reported by a withholding agent under the FDE's EIN when there is as yet no place on the 1120-F to reflect an FDE's EIN?
Form 1042-T is filed to summarize all Forms 1042-S issued in a tax year.
Source Income Subject to Withholding, and Form 1042-T, Annual Summary and Transmittal of Forms 1042-S. Forms 1042-S and 1042-T are also due by March 15.