IRS Publishes New Instructions to Form 1042

As part of the ramp up to FATCA implementation, the IRS has published revised instructions to Form 1042 ("Annual Withholding Tax Return for U.S. Source Income of Foreign Persons"). Withholding agents will use this form to report payments and amounts withheld under FATCA, as well as traditional withholding taxes imposed for income tax purposes. The revised Form 1042 was published in March 2014.

See: Form 1042; IRS Instructions for Form 1042. See also: Cabinet FATCA Materials (for Cabinet subscribers only).For more information, please contact Daniel Mulcahy and Mark Howe.