Master Guide to Form 1042-S Compliance | E-Book

2021 Master Guide to Form 1042-S (E-Book)

Last revised: September 14, 2021

The 2021 Master Guide to Form 1042-S Compliance provides detailed instruction on new Regulations, Forms and Instructions issued in 2021; updates affecting this year’s reporting; an in-depth look at current rules (NFFEs, FATCA, ECI, and more); the W-8 form series and Form 8233 which you’ll request from vendors for certification of foreign status; when default 30% federal tax withholding applies; how income tax treaty benefits can be claimed to reduce tax withholding; and when and how to file Forms 1042-S and 1042. The book includes a full glossary, a compliance and year-end checklist, as well an appendix of forms, instructions and IRS guidance documents.

Payers must be able to identify their payees as U.S. or non-U.S. individuals or entities from initial contact with them, as well as determine whether payments made to them throughout the course of the year require withholding of U.S. tax and reporting to the IRS. Payments to foreign individuals and foreign entities are subject to regulations and withholding requirements entirely different from those which govern Form 1099 reporting.

Highlights and important updates from the 2021 edition include:

  • NEW W-8 Forms are being issued by the IRS: Learn details for successful implementation of the new versions Forms W-8BEN, W-8BEN-E, W-8IMY and W-8ECI; how to meet the deadline for transition; and the rules for validity of older versions of these forms already in your records.

  • NEW mandates for more electronic 1042-S filing to the IRS: Changes in the tax Code and regulations may require you to file all of your information returns electronically to the IRS FIRE System, even if you’ve been permitted to file 1042-S original returns and corrections on paper in prior years.  

  • Changes in some Code numbers to be used on the 2021 Form 1042-S: The IRS has changed some codes for Exemption from chapter 3 withholding (box 3a of Form 1042-S) for 2021.

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