Overview
IRS Clarifies Form 1042-S Requirements for Withholding Agents: Today, the IRS released an updated Form 1042-S, Foreign Person's US Source Income Subject to Withholding, which withholding agents are required to complete for payments made to non-resident aliens. The updates to the form and its instructions are intended to address common reporting errors, such as incorrectly reporting the recipient’s name, using forms for a different tax year, and filing amended forms.