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1042-S Software: What’s new for Tax Year 2017?

October 3rd, 2017 No comments

Changes to IRS Form 1042-S for tax year 2017.

Unique form identifier.

Beginning in tax year 2017, withholding agents will be required to assign a unique form identifier to each Form 1042-S they file.  The IRS says the Unique Form Identifier must be

  1. Exactly 10 digits.
  2. Unique to each original Form 1042-S filed for the current year.
  3. The identifying number cannot be the recipient’s US or foreign TIN.

Withholding agents can create the identifying numbers 0000000001, 0000000002 and so on for each Form 1042-S they efile.

Amended forms.

Beginning in 2017, withholding agents must check the Amended box and indicate the amendment number when filing an amended form. Any amended form must have the same unique form identifier as the original form that is being amended. Each time that you amend the same form (as determined by the unique form identifier), you must provide the amendment number in the box provided on the form (using “1” for the first amendment and increasing sequentially for each subsequent amendment).

Pro-rata reporting.

The “Pro-Rata Reporting” box was moved from the top of the form (below the title) down to new box 15.

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