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

2020 Master Guide to Form 1042-S (E-Book)

Last revised: September 16, 2020

The 2020 Master Guide to Form 1042-S Compliance provides detailed instruction on new Regulations, Forms and Instructions issued in 2019; 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 used to certify foreign status; when default 30% 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.

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.

Highlights and important updates from the 2020 edition include:

  • COVID-19 emergency impact: Several temporary rules affect the status of persons unable to return to a foreign country because of the coronavirus emergency, and may impact Form 1042-S or 1099 reporting.
  • On Form 1042-S, the IRS has made a major change affecting the “Chapter 3 Status Code” required to be reported.      

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