Foreign Person's U.S. Source Income Subject to Withholding
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1042-S for paper and electronic filing
IRS form 1042-S is an information return sent to foreign individuals reporting income from a United States-based source--in other words, non-residents who conduct some form of business within the United States. This can include investments or capital distribution. The form is sent by the US bank or corporation (or withholding agent) that handles the transaction to the non-resident.
Form 1042-S has been modified in tax year 2014 to include reporting of payments withheld under the provisions of the Foreign Account Tax Compliance Act or FATCA. FATCA is a new law that requires foreign financial institutions (the withholding agent) to report the account holders's names, TINs, addresses, and the transactions of assets held overseas by US residents (whether they live in the United States or abroad).
An excellent article on the changes for tax year 2014 for Form 1042-S is here. The article also discusses additional information that is required for tax year 2014 and requirements to come.
Our 1042-S software imports, prints and/or efiles IRS Form 1042-S.
IRS Form 1042-S is the most difficult information return to electronically submit to the IRS. There are many, many variables involved with this form and the data has to be perfect or else the IRS FIRE System will reject your file. TForm 1042-S for tax year 2014 1042-S has a new design to accomodate Chapter 3 and Chapter 4 reporting:
Chapter 3 — WITHHOLDING OF TAX ON NONRESIDENT ALIENS AND FOREIGN
Chapter 4 — TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS
We can prepare and e-file IRS Form 1042-S. Oftentimes the turn-around time is 1-5 days. Our sales office can be reached at (480) 460-9311.
Paper Filing versus Electronic Filing
Paper and efiling 1099 forms like the 1099-MISC and 1099-INT is easy. It really is. You prepare your data, print on top of the red-ink forms, include the 1096 and mail. Many people still paper file the 1099 forms and the IRS can scan the red-ink forms to acquire the data. Efiling 1099 forms is easy as well and our OneTouch efiling lets you click a button and the software will log into the IRS FIRE System and upload your data file directly with the IRS.
Paper filing Form 1042-S is not recommended. Here is what happens. You prepare everything including Form 1042-T (transmittal summary) and then hope that all is well. Oftentimes, its not. The IRS eventually sends back your form in the mail or sends a letter saying there are deficincies with your reporting and you have to prepare everything again and resubmit.
Purchasing software for efiling 1042-S forms costs more upfront. But efiling forces you to prepare all of your data and get it organized and correct now. You efile and if the file comes back as BAD, which happens, keep gathering data and prepare a replacement file and transmit until the file is GOOD. Its cost more upfront but you get the data in correctly. You can efile a time extension as well.
Type information on the screen as it would be typed on the form itself. Or import the data from Excel (xls, xlsx) or some type of spreadsheet. Its easy to do and we have sample excel spreadsheets.
Copy B of Form 1042-S can be printed on plain paper with black ink. Print an unlimited number of 1042-S Forms.
Convert to PDF. We can email instructions on how to download and install a free PDF print driver that will let you convert any document to PDF. E-mail Copy B to recipients.
File an unlimited number of 1042-S forms electronically with the IRS.
Our 1042-S software creates files in the format required by the
IRS for electronic transmission. The system is updated each
year to reflect the format changes that are made by the IRS.
Technical support is provided at no extra charge for the tax year that the software was purchased.
Free live update feature helps us communicate with you, the customer, and keep you up-to-date with the latest form revisions.
Data entered may be stored anywhere on your hard drive, portable drives, network drives or external diskettes for quick retrieval. You can also export your data to a csv file format.
Built-in Income, Chapter 3 and 4 Exemption Codes, and Chapter 3 and 4 Status Codes.
Forms 1042-S, whether filed on paper or electronically, must be filed with the IRS by March 16 of the year following the year of payment. You are also required to furnish Form 1042-S to the recipient of the income on or before March 16 of the year following the year of payment.
To request an extension of time to file Forms 1042-S, file Form 8809, Application for Extension of Time To File Information Returns. You should request an extension as soon as you are aware that an extension is necessary, but no later than the due date for filing Form 1042-S.
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1096 Data Entry
Filing information returns can be stressful. We can help eliminate the stress of filing information returns by providing complete, secure outsourcing solutions for 1097, 1098, 1099, 3921, 3922, 5498, 8027, 8955-SSA, W-2, W-2G and 1042-S eFiling and Forms Management.
Stay compliant, reduce administrative costs and know that the job will get done right.
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