Foreign Person's U.S. Source Income Subject to Withholding
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IRS Form 1042-S - IRS Form 1042-S is an information return that reports a foreign person's US source income subject
to withholding. Most types of US source income received by a non-US resident are subject to withholding or
tax of 30% but a reduced rate, including an exemption, may apply if a tax treaty exists between the
foreign person's country of residence and the United States. Form 1042-S reports Chapter 3
or Chapter 4 withholding.
If you prepared Form 1042-S in tax year 2013 or for any year prior to 2013, then you have been reporting information under Chapter 3 (and you just didnt know it was Chapter 3). Chapter 3 reports withholding of US source income to a non-US resident by a US business. Book publishers are a classic example. A US publishing company will print books by writers from around the world. Non-US writers are subject to tax of up to 30% which means the publishing company (the withholding agent) has to withhold up to 30% of the writers payment and send that money to the IRS. The writer (or recipient) may have an opportunity to get that withheld money from the IRS depending on which country they are from and whether that foreign country has a tax treaty set up with the United States.
Confused? Don't worry. IRS Form 1042-S is a detailed form that very few people understand and many businesses call us about. We have been preparing, printing and mailing, and electronically filing IRS Form 1042-S for 10 years. We have seen Form 1042-S change multiple times over the past several years and have read about future changes the IRS is proposing. We work with book publishers, model agencies, casinos, banks, foreign financial institutions and many, many other companies year after year. And we can help you to!
Let our trained staff import your data from excel, print and mail, and electronically file on your behalf. We can help eliminate the stress of filing information returns by providing complete, secure outsourcing solutions for Forms 1042-S and the 1042-T transmittal summary. We can print, mail and efile any size order. Competitive pricing. Please call our sales office at (480) 460-9311.
Stay compliant, reduce administrative costs and know that the job will get done right.
Form 1042-S underwent substantial changes in 2014 to include the new withholding and reporting obligations under Chapter 4 of the Foreign Account Tax Compliance Act (FATCA).
Our 1042-S software will import data from excel, print Copy B, C and D on plain paper with black ink and electronically file Form 1042-S to the IRS. Our 1042-S software has built-in Income Codes, Chapter 3 and 4 Exemption Codes and Status Codes. Our 1042-S software checks for prohibited characters, that the income codes exist, that the tax rate is entered correctly, that gross income and other values are whole numbers, that the country codes used are correct and exist and has many other checks before you electronically file.
Manually key in information on the screen as it would be typed on the form itself. Or import the data from Excel (xls) or some type of spreadsheet. Its easy to do and we have sample excel spreadsheets.
The 1042-S software has many advanced print features:
1. Print Copy B, C, D and/or Copy E of Form 1042-S on plain paper with black ink. Print with or without instructions at the bottom of the page. Or print two (2) 1042-S forms per page.
2. Convert to PDF. It's easy to do and then e-mail Copy B to recipients.
3. Duplex printing. Option to print on both sides of a sheet of paper. Here you can print (or convert to PDF) the first page to show the mailing addresses of the withholding agent and recipient. The second page is that respective Form 1042-S. If your printer supports duplex printing, the addresses are printed on one side and the form on the other side. A sample of the print is here:
1042-S Form Print
You can tri-fold and stuff into a #10 size, 2-window and mail.
4. Option to print just the user data on top of pre-printed forms.
Our 1042-S service bureau can print and mail on your behalf as well. Call our sales office at (480) 460-9311 for an estimate to have us print and mail any size 1042-S print order.
File an unlimited number of 1042-S forms electronically with the IRS. Our 1042-S software can electronically file originals, corrections and/or replacements.
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.
Data entered may be stored anywhere on your hard drive, portable drives, network drives or external diskettes for quick retrieval.
Technical support is provided at no extra charge for the tax year that the software was purchased.
Built-in Income, Chapter 3 and 4 Exemption Codes, and Chapter 3 and 4 Status Codes.
Due Dates/Time Extension...
There is one due date for the 1042-S forms. You have to print and mail Copy B to the recipient of the income on or before March 15 and paper or electronically file Form 1042-S to the IRS by March 15 as well.
You can file for a one month extension of time to electronically file Forms 1042-S to the IRS but you must print and mail (or e-mail) Copy B to the recipient on or before the March 15 due date. You can file an extension online through the IRS FIRE System. We can file an extension on your behalf as well. Just contact our sales office at (480) 460-9311.
IRS Form 1042-S: How Can Recipients Receive a Refund of Withheld Money?
FATCA and Foreign Bank Accounts: The Issue of Withholding and Reporting for Expatriates
Definition of a Withholding Agent Under Chapter 4 FATCA Reporting Requirements
What is a Global Intermediary Identification Number?
What is a Withholding Agent?
Whats new with IRS Form 1042-S for tax year 2014?
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