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IRS releases draft forms 1042 and 1042-S - 11/04/2013


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IRS releases draft forms 1042 and 1042-S

The IRS released draft Forms 1042 and 1042-S incorporating the new reporting requirements imposed by FATCA and the reciprocal Intergovernmental Agreements (IGAs) that U.S. Treasury has been signing to implement FATCA in certain jurisdictions. While the Form 1042 remains identical to prior versions, the Form 1042-S has undergone substantial changes.

In this respect, please find enclosed the news alert prepared by our US colleagues highlighting the main aspects of both forms.

Release of the Form 8957

It is also worth noting that the IRS released on April 5, 2013 the Form 8957, draft of the FATCA registration form, for public review and comments from interested parties. The online registration portal and final form should only be available in July 2013. Please check the news alert prepared by our US colleagues for additional details on this form.

Further details are however still expected from the IRS regarding the FFI agreement.

If you have any queries regarding the above, please do not hesitate to contact us.

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