Why You Should Review Form 1042 Before Filing Form 1042-S
When it comes to withholding and reporting payments to foreign persons, many filers focus on Form 1042-S—the statement issued to […]
1042-S
1042-S Chapter 3 and 4 Status Codes
On Form 1042-S, the Chapter 3 Status Code (Box 12) and Chapter 4 Status Code (Box 13i) are used to
Form 1042-S vs. 1099: Correctly Classifying Payments to Foreign Contractors
When working with independent contractors, one of the most important tax compliance steps is ensuring that payments are reported on
How to Reconcile Form 1042 With Your 1042-S Filings
Reconciling Form 1042 (the annual withholding tax return) with your Form 1042-S filings is crucial to ensure consistency, avoid IRS
Implications of IRS-ICE Data Sharing
The IRS-ICE data-sharing agreement signed on April 7, 2025, is a historic and controversial shift in U.S. tax and immigration
Casino Compliance: Managing W-2G and 1042-S Reporting for Gambling Winnings
Casinos in the U.S. have specific IRS reporting obligations when it comes to gambling winnings. The two primary forms involved
Cross-Border Payments Compliance: When to Issue Form 1042-S vs. Form 1099
Navigating U.S. tax reporting rules for cross-border payments can be tricky — especially when deciding whether to issue a Form
How Foreign Athletes and Entertainers Are Taxed Using IRS Form 1042-S
Foreign athletes and entertainers who earn income in the United States are subject to U.S. tax withholding and reporting under
IRS Form 1042-S: Withholding Tax Credit for Foreign Persons
Nonresident aliens (NRAs) can claim a withholding tax credit on Form 1040-NR, U.S. Nonresident Alien Income Tax Return using the
Why would an Orchestra file Form 1042-S?
An orchestra files Form 1042-S when it makes payments to nonresident aliens (e.g., performers, conductors, or music licensors) for U.S.