Form 1042-S Pre-Filing Checklist: Steps for Accurate Reporting and Penalty Avoidance | Product


Updates and changes impact your required Form 1042-S reporting to the IRS – due March 15 – of payments made in 2023 to foreign vendors, foreign contractors and consultants, foreign students, speakers, award recipients and others.  There’s increasing enforcement pressure for compliance in complete and accurate reporting of payments of U.S.-sourced income to non-U.S. entities and non-U.S. individuals: filing all Forms 1042-S required under the tax regulations and making certain that the 1042-S information balances with a fully completed Form 1042. In this program we’ll review:

  • Types of payments which require reporting on Form 1042-S 
  • Due dates for filing to the IRS and furnishing recipient copies 
  • Box-by-box explanation of the information reported on Form 1042-S 
  • Internal review to capture all Form 1042-S reportable payee data 
  • Section-by-section explanation of the information reported on Form 1042 
  • Cross-check and balancing for accurate reporting of withholding tax liabilities and deposits 
  • IRS inquiry letters sent when the 1042-S and 1042 reported information doesn’t balance. 

Learning objectives:

  • Identify Form 1042-S reportable payees and reportable information 
  • Balance your 1042-S form information with IRS Form 1042.

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