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

2022 Master Guide to Form 1042-S Compliance (E-Book)

Last revised: September 15, 2022

The 2022 Master Guide to Form 1042-S Compliance covers the federal tax compliance requirements your organization faces for payments made to foreign entities and organizations, and non-employee foreign individuals.  Updated editions of W-8 series forms are now required for foreign payee certification of status, and tax treaty benefits if claimed on the form.  The Guide highlights changes affecting your 2022 year-end reporting and will also serve as a go-to reference throughout 2023 on the essential issues of whether a potential payee’s status is U.S. or non-U.S., whether federal income tax withholding must be retained from payments, and how  reduced withholding under a tax treaty is claimed and validated. 

Sections include due dates and line-by-line explanation of the Form 1042-S and the Form 1042; changes mandated for electronic filing to the IRS; Forms W-8 and 8233 used by non-U.S. entities and individuals to certify their status and claim treaty benefits, including what information is required for a valid form; tax treaties and how they are used; requirements to withhold federal income tax, how to determine the withholding rate, and when and how to make the federal deposit; explanation of FATCA (the Foreign Account Tax Compliance Act) in regard to the additional compliance responsibilities it created for AP; and more.   

What's new in 2022? 

  • Requirements to implement new editions of W-8 series forms  
  • More filers are required to electronically submit their Forms 1042-S to the IRS
  • Form 1042 annual return and reconciliation moving to electronic filing
  • Updates on regulatory changes and IRS compliance campaigns 

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