Tuesday, February 13, 2024

Improve Accuracy with the Form 1042-S Tool!

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e-News for Withholding Agents February 13, 2024

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Issue Number:    2024-03


Improve Accuracy with the Form 1042-S Tool!

Are you a withholding agent concerned about Form 1042-S reporting? Have you tried the IRS Form 1042-S Data Integrity Tool? The IRS provides this free tool to assist withholding agents in improving compliance with Form 1042-S reporting and withholding.

Here's how the tool can help:

  • Identify potential errors: The tool performs a quality review of Form 1042-S data before submission to the IRS.
  • Reduce filing risks: Minimize potential penalties and delays by increasing the accuracy of your data.

Start using the FREE Form 1042-S Data Integrity Tool today!

The tool does not change a withholding agent's obligations to file with the IRS and furnish a copy of the Form 1042-S to the payee. A withholding agent is responsible for correcting potential errors before submission to the IRS.

The use of this tool or any other available tool that reviews information returns for potential errors, prior to submission to the IRS, may be considered in requests for penalty relief.

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