Are there any penalties associated with Form 1042-S?
100 views | Last modified 12/1/2023 4:29:55 AM EST | Added by TaxBandits Team

If the 1042-S forms are submitted after August 1, a penalty of $310 will be imposed. If the IRS determines that you intentionally failed to file the forms, the penalty can increase to $630 per form or 10% of the total value of items that must be reported, with no maximum penalty limit. However, late reporting doesn’t have to result in a penalty.