User:Ethanbas/Form 1042

Forms 1042, 1042-S and 1042-T are U.S. tax forms dealing with payments to foreign persons. Foreign persons here include nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts. Forms 1042 and 1042-S are filed separately, and furthermore, every Form 1042-S is transmitted with its own Form 1042-T.

When Due
Forms 1042, 1042-S and 1042-T must be filed by March 15 of the year following the calendar year in which the income subject to reporting was paid. If March 15 falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.

Who Must File
Every withholding agent or intermediary, whether U.S. or foreign, who has control, receipt, custody, disposal or payment of any fixed or determinable, annual or periodic U.S. source income must file.

Penalties
If Form 1042 and/or Form 1042-S are filed late, or the tax isn't paid or deposited when due, the filer may be liable for penalties unless you they show that the failure to file or pay was due to reasonable cause and not willful neglect.

Form 1042
Form 1042, also "Annual Withholding Tax Return for U.S. Source Income of Foreign Persons", is used to report tax withheld on certain income of foreign persons.

Form 1042 can be filed separately and does not have to be accompanied by Form 1042-T.

Form 1042-S
Form 1042-S, also "Foreign Person's U.S. Source Income Subject to Withholding", is used to report payments made to foreign persons.

If one needs to file 250 or more of Form 1042-S, then each Form 1042-S must be filed electronically.

Note that a separate Form 1042-S must be filed for each type of income payed to the same recipient.

Form 1042-T
Form 1042-T, also "Annual Summary and Transmittal of Forms 1042-S", is used to transmit Form 1042-S to the Internal Revenue Service. A separate Form 1042-T must be used for every Form 1042-S.