IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Missed Form 1042 Filing with No Withholding: Should You Still File?

July 9, 2025
July 9, 2025

Share

Q. My team recently realized the 1042 form for TY 2021 and 2022 were not filed with the IRS. However, the 1042-S forms were filed by the deadline for both TY and no withholding was required for any of the NRA suppliers. Should we file the 2021 and 2022 Form 1042 at this point? Is there a penalty for failure to file the 1042 when no tax was due? We are compliant with all 1042-S and 1042 filings for 2023 and 2024. A. (Answered by IOFM's third-party tax expert) The safest thing to do would be to…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today


Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500