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

2023 Master Guide to Form 1042-S Compliance (E-Book)

Last revised: September 5, 2023

The 2023 Master Guide to Form 1042-S Compliance covers the federal tax compliance requirements your organization must meet for payments made to foreign entities and organizations, and non-employee foreign individuals – including the legislative and regulatory changes which mean nearly all payers must now electronically file their Forms 1042-S to the IRS. 

The 2023 Guide highlights changes affecting your 2023 year-end reporting and also provides a go-to reference for 2024 on the essential issues of whether a potential payee’s status is U.S. or non-U.S. for tax purposes, whether federal income tax withholding must be retained from payments, how reduced withholding under a tax treaty is claimed and validated, and what information is required to be filed to the IRS on Forms 1042-S and Form 1042.

New in the 2023 edition:

  • Electronic filing mandate expanded for Forms 1042-S and other tax information returns  
  • Additional explanation of what’s required on Form W-8BEN-E for a foreign vendor’s claim of a reduced tax withholding rate under benefit of a tax treaty 
  • Tax treaty changes: Chile and Hungary
  • Changes in IRS forms, box codes and instructions
  • New feature: Top FAQs for 2023 Form 1042-S filing

Sections include due dates and line-by-line explanation of the IRS Form 1042-S and 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 tax 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 Accounts Payable; and more.   

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