Payments that you made in 2018 to foreign persons may require that you file Form 1042-S with the IRS and remit copies to payees or beneficial owners. With the implementation of the new reporting requirements for FATCA (Chapter 4), numerous changes continue to be made to Form 1042-S that make the reporting process more complex and confusing. In addition to reporting, you may also be required to report the amount of monies that you withheld from payments during 2018. This session will also address how to report withholding on Form 1042.
Forms 1042-S may now appear on penalty notices if you have filed forms incorrectly or not filed on time. Understanding the new reporting requirements will help you to complete the Forms accurately and timely to minimize your risk for penalties.