Who Must File Form 1042-S?
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Last modified 9/26/2023 8:02:07 AM EST |
Added by TaxBandits Team
When an entity, like an employer, educational institution, or company, withholds taxes on payments made to a foreign entity, it must file a 1042-S form to the IRS and distribute the copy to the recipient. This form ensures compliance with tax regulations.
Submit a separate Form 1042-S for each instance, including:
- For each recipient, regardless of whether tax was withheld.
- For each tax rate applied to a particular category of income paid to the same recipient.
- For each type of income disbursed to the same recipient.