Thursday, November 18, 2021

Form 1042-S Data Integrity Tool

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Qualified Intermediaries News November 18, 2021

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Issue Number:    2021-04


Form 1042-S Data Integrity Tool

The IRS announced the availability of the Form 1042-S Data Integrity Tool, a software program providing a no-cost standalone tool to withholding agents that will assist them in complying with their reporting and withholding responsibilities with respect to IRS Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding). The tool performs a quality review of data before submission to the IRS.  Use of the tool does not change a withholding agent's obligations to file Forms 1042-S with the IRS and furnish a copy of the Form 1042-S to the payee.

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