The Extended Deadline to file Form 1042 is Approaching – Form 1042 Best Practices

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e-News for Withholding Agents August 30,2023
e-file Resources   IRS.gov Qualified Intermediaries (QI) News e-File for Large Business and International (LB&I) Other Useful Links Withholding Agent Qualified Intermediary FATCA Home Page Tax Professionals Home Forms and Instructions e-Services Internal Revenue Bulletins Taxpayer Advocate Service	Issue Number:    2023-04 The Extended Deadline to file Form 1042 is Approaching – Form 1042 Best Practices With the upcoming September 15, 2023, extended deadline for filing TY 2022 Form 1042, the IRS is sharing some best practices to consider when preparing and filing Form 1042. Refer to the instructions to Form 1042 early and often. Complete all required fields and in a consistent manner. Use the correct version of the Form (i.e., TY 2022 Form 1042). Ensure reporting on Form 1042 is consistent with the aggregate reporting on all the Forms 1042-S filed for the calendar year. Verify math computations. Remember rounding applies and negative amounts are not allowed. When applicable, include all required attachments (e.g., recipient's copy of Form 1042-S to substantiate Line 67, Schedule Q if return is filed by a Qualified Derivatives Dealer, etc.). Verify that all required deposits have been made electronically using the Electronic Federal Tax Payments System (EFTPS). Ensure that the Tax Liability is reported correctly. The Form 1042 is available for electronic filing in the Modernized E-file (MeF) platform.  Although not required, withholding agents can choose to file TY2022 Form 1042 electronically. Certain withholding agents will be required to electronically file Form 1042 starting with returns required to be filed in 2024 (i.e., TY2023 Form 1042). For additional information about electronic filing, see Publication 4163, Modernized e-file (MeF) Information for Authorized IRS e-file Providers for Business Returns.  For additional guidance see: IRS.gov/Form1042 Instructions for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Webinar: Understanding Form 1042- Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities Publication 966, Electronic Federal Tax Payment System, A Guide to Getting Started      Back to Top Thank you for subscribing to e-News for Withholding Agents, an IRS email service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically. Please Do Not Reply To This Message.

 

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