TaxBandits Knowledge Base

Are there any penalties associated with Form 1042-S?

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.